BofA Hikes Exelixis, Inc. (EXEL) Target Amid CRC Caution
On Thursday, analysts at BofA Securities raised the price target for Exelixis, Inc. (NASDAQ:EXEL) to $46 from $45, with a Neutral rating. This minor change in the price target, reflecting an upside of nearly 8% from the current stock price, signals the company's revised evaluation of the Zanza pipeline asset.
The company is all set to begin the STELLAR-311 trial of Zanza in NET, aiming for as many as three new INDs within this year. During the latest earnings call, the management expressed optimism around its Zanza pipeline asset. As the CEO of Exelixis, Inc. (NASDAQ:EXEL), Michael Morrissey, mentioned:
"We're excited to advance Zanza to the center stage in 2025 as our next oncology franchise opportunity."
White medicinal tablets. Photo by Kaboompics.com
The analysts noted the significance of the upcoming readouts for the Zanza asset, renal cell carcinoma (RCC), and colorectal cancer (CRC). Despite the excitement for Zanza, analysts remain cautious about the prospects of the CRC population, which is considered the most critical. They substantially discount its chances of success here, citing that the recent updates to the statistical analysis cast a shadow over the stock's potential.
Without a breakthrough in the CRC intent-to-treat group, analysts believe that Zanza's peak sales will be between $500 million and $1 billion in the years ahead.
Exelixis, Inc. (NASDAQ:EXEL) is a California-based biopharmaceutical company that discovers, develops, and markets new cancer solutions. With a focus on oncology, the company has a leading network of drug development, clinical trials, and commercialization of drugs for difficult-to-treat cancer types.
While we acknowledge the potential of EXEL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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