JMP Securities Reiterates Market Outperform Rating on Exelixis (EXEL)

JMP Securities analyst Silvan Tuerkcan reiterated a Market Outperform rating and $41.00 price target on Exelixis (NASDAQ: EXEL).

The analyst commented: "Exelixis' ASCO GI abstracts included a glimpse at the next important pipeline asset, zanzalintinib, which could provide continued growth beyond cabo. The Ph1/2 study (STELLAR-001) evaluating zanzalintinib +/- ICI (atezolizumab) has significant read-through to the concurrent Ph3 zanzalintinib-mCRC trial (STELLAR-303). Our initial reaction is that zanza impressed on the efficacy side, while we await more details on the tolerability side in the poster. We maintain a Market Outperform rating and $41 DCF-derived price target...Zanzalintinib is the next-generation TKI that can support top-line growth
post cabozantinib. We currently model peak sales of $425M (prob. adj.) for zanza in CRC.
EXEL touts improved tolerability of zanza over cabo, which should enable patients to remain
on drug longer (reduce dose interruptions/reductions/discontinuations) and improve outcomes.
Currently, EXEL is running six pivotal trials with zanza, and CRC, H&N, and nccRCC will be the
first pivotal trials to read out in 2H25 and 2026. Our initial reaction to the zanza dose expansion
data in the abstract is that efficacy benefit vs. cabo surprises, while the tolerability profile does
not. We look forward to updated data in the posters to further handicap the zanza opportunity
and PoS."

For an analyst ratings summary and ratings history on Exelixis click here. For more ratings news on Exelixis click here.

Shares of Exelixis closed at $32.88 yesterday.

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