Exelixis upgraded to Overweight, named new ‘Best Idea’ at Stephens

As previously reported, Stephens upgraded Exelixis (EXEL) to Overweight from Equal Weight with a price target of $60, up from $29, and is also making it the analyst’s “Best Idea” pick among the analyst’s coverage universe. The firm has a better understanding on how Cabometyx can retain market share in RCC, despite current competition and triplet combination trials in-progress, giving it heightened confidence on the franchise to retain market share in RCC and add growth from NET, the analyst tells investors. The firm also cites increased probability-of-success for zanzalintib getting FDA approval and market opportunity and that the litigation overhangs are lifted from the stock with challenges to Cabo’s IP ruled in favor of Exelixis to retain exclusivity into 2030.