UPDATE: Wolfe Research Starts Exelixis (EXEL) at Outperform
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Wolfe Research analyst Akash Tewari initiates coverage on Exelixis (NASDAQ: EXEL) with a Outperform rating and a price target of $35.00.
The analyst comments "We think EXEL is entering an important 2 year phase that could unlock value by materially changing street sentiment… we believe EXEL is in a solid IP position and will likely go out to 2030, instead of what people think re: 2026. We also think there were clear clinical pt pop. differences between CLEAR study and CM 9ER. EXEL combo has an impt tolerability advantage and our math suggests mgmt only needs 20-25% of the 1L RCC market to hit guidance + there are call options on HCC, and mCRPC."
Shares of Exelixis closed at $22.21 yesterday.
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