Truist Securities Assumes Exelixis (EXEL) at Hold

Truist Securities analyst Gregory Renza assumes coverage on Exelixis (NASDAQ: EXEL) with a Hold rating and a price target of $54.00 (from $51.00).

The analyst commented: "We assume coverage of EXEL with a Hold rating (from Buy) and a $54 PT (from $51). Cabometyx (Cabo') serves as a key topline driver for EXEL, as a leading TKI in RCC, and a launch underway in NETs, with a 2031 LOE approaching. Next-gen zanzalintinib (zanza') brings a Dec. 3 PDUFA ahead for 3L+ mCRC (+ atezolizumab), which could add another revenue leg to EXEL's story, though recent NLM OS topline miss introduces risk, in our view; several solid tumor indications help to form a "pipeline-in-a-product" thesis and lifecycle play. With an early-stage ADC platform also in the mix, we remain on the sidelines until the next momentum driver for shares in the pipeline emerges."

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 $52.87 yesterday.

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