BMO Capital Downgrades Exelixis (EXEL) to Market Perform

BMO Capital analyst Etzer Darout downgraded Exelixis (NASDAQ: EXEL) from Outperform to Market Perform with a price target of $40.00.

The analyst comments "We're downgrading EXEL to Market Perform from Outperform as the main driver of our thesis has played out positively. We see limited upside to the story in 2025 beyond zanzalintinib's (multi-kinase inhibitor) readout in colorectal cancer (CRC) where we see a balanced risk/reward. We've revised our target price upward to $40 on zanzalintinib's probability of success in CRC (now 50% from 35%) but view the success of the trial as a toss-up given the history of cabometyx's (EXEL's first generation multi-kinase inhibitor) combination with Tecentriq (atezolizumab) in this indication."

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 $33.66 yesterday.

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