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Investing.com - Citizens JMP raised its price target on Exelixis (NASDAQ:EXEL) to $50.00 from $47.00 on Monday, while maintaining a Market Outperform rating on the biopharmaceutical company’s stock. The $11 billion market cap company, which has delivered an impressive 82% return over the past year, appears undervalued according to InvestingPro analysis.
The price target increase follows positive clinical trial results for Exelixis’s zanzalintinib drug, which met one of its dual-primary endpoints in the STELLAR-303 trial. The study evaluated zanzalintinib in combination with atezolizumab versus regorafenib in metastatic colorectal cancer patients. InvestingPro data shows the company maintains excellent financial health with a perfect Piotroski Score of 9, suggesting strong operational efficiency. Eight analysts have recently revised their earnings estimates upward for the upcoming period.
The trial demonstrated a statistically significant median overall survival benefit in the intention-to-treat population, marking what Citizens JMP called "the first pivotal hurdle" for zanzalintinib in the overall population of metastatic colorectal cancer patients.
The Independent (LON:IOG) Data Monitoring Committee will continue its planned analysis of the second dual-primary endpoint, which examines median overall survival in patients without liver metastases.
Citizens JMP noted that the outlook for zanzalintinib "continues to trend in the right direction," potentially giving Exelixis a second product beyond its existing cabozantinib treatment.
In other recent news, Exelixis has reported promising results from its STELLAR-002 trial, focusing on zanzalitinib combined with nivolumab for advanced clear cell renal cell carcinoma. The trial revealed an objective response rate of 63% and a disease control rate of 90% for this combination, with a median progression-free survival of 18.5 months. Meanwhile, H.C. Wainwright reiterated a buy rating for Exelixis, raising its price target to $47.00 due to promising data from the ASCO meeting. This data showed the zanzalitinib-Opdivo combination had better outcomes compared to Cabometyx plus Opdivo in a similar trial. BofA Securities also adjusted its outlook, raising Exelixis’s price target to $46, while maintaining a Neutral rating, citing the significance of the zanza pipeline as it approaches key milestones. Stifel maintained a Hold rating with a $38 target, noting adverse events related to dose selection in the zanzalitinib study. Citizens JMP kept a Market Outperform rating with a $47 target, emphasizing strategic trial adjustments that could expedite results. These developments reflect Exelixis’s ongoing efforts to advance its clinical trials and expand its therapeutic potential.
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