Wells Fargo downgraded Exelixis (EXEL) to Equal Weight from Overweight with an unchanged price target of $36. While there is a better chance than not that zanzalintinib’s STELLAR-303 trial in metastatic colorectal cancer will be positive in the second half of 2025, it seems priced in at these share levels, the analyst tells investors in a research note. As such, Wells sees a more balanced risk/reward in 2025 for Exelixis. With the shares up 71% in the past 12 months, it is time to take profits and move to the sidelines given the more balanced risk/reward at these levels, contends Wells.
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