Exelixis Risk/Reward Now 'More Balanced' With 2025 Catalysts Priced In, BofA Says

MT Newswires Live12-18

Exelixis' (EXEL) risks and reward now look "more balanced" following the stock's recent 37% gain driven by a win in Cabometyx intellectual property dispute and favorable Q3 results, BofA Securities said in a note Tuesday.

"With Cabo approaching a more mature stage of its product life cycle, our focus has largely shifted to clinical data generation to diversify the business with a focus on [zanzalintinib], the company's next-generation [tyrosine kinase inhibitor]," the firm said.

The company expects topline results from a phase 3 study involving zanzalintinib next year, and BofA said it sees "a balanced up/down with this catalyst" and that the positive updates involving the investigational TKI are already "at least partially priced in."

With potential catalysts in 2025 also priced in, BofA downgraded its rating on Exelixis to neutral from buy as it sees a more balanced risk/reward. The brokerage also raised the price target to $39 from $35.

Shares of Exelixis were down more than 4% in recent trading.

Price: 34.68, Change: -1.39, Percent Change: -3.85

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