Exelixis price target raised to $55 from $43 at Truist

Truist raised the firm’s price target on Exelixis (EXEL) to $55 from $43 and keeps a Buy rating on the shares. The company’s positive topline outcome of STELLAR-303 marks the first pivotal clinical trial win for Zanza, and the firm believes that this study will pave the way for Zanza’s first regulatory approval, the analyst tells investors in a research note. If the regimen produces similar efficacy as it did in earlier studies, Truist is forecasting over $1B in peak sales in the 3rd line colorectal cancer setting, the firm added.