More data needed to determine Exelixis’ competitive positioning, says BofA

After Exelixis (EXEL) announced the Phase 3 STELLAR-303 trial met the primary overall survival endpoint in the intent-to-treat population of patients with previously treated non-microsatellite instability-high metastatic colorectal cancer, BofA analyst Jason Gerberry noted that the positive STELLAR-303 trial marks Exelixis’ first Phase 3 win for zanzalintinib, a “key pipeline asset.” However, more detailed data are needed to determine competitive positioning and peak sales for zanzalintinib in the CRC indication, argues the analyst, who maintains a Neutral rating and $46 price target on shares as it sees a balanced risk/reward as the firm awaits detailed data to benchmark this market opportunity.