Exelixis price target raised to $56 from $55 at Truist

Truist analyst Asthika Goonewardene raised the firm’s price target on Exelixis (EXEL) to $56 from $55 and keeps a Buy rating on the shares. The stock’s recent outperformance spurred some investor questions whether the stock was now overvalued, but the firm believes that shares have more room to run, the analyst tells investors in a research note. Credit needs to be given where due – in particular given that its legacy drug Cabometyx is still poised for robust growth – while the company’s next-gen drug Zanza begin launches in 2026 and has a clear path to the $5B revenue target through the 6 indications currently being pursued, the firm added.