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Investing.com - H.C. Wainwright maintained its buy rating and $47.00 price target on Exelixis (NASDAQ:EXEL) Monday following positive regulatory developments in Europe for the company’s cancer drug. The company, currently valued at $11 billion, has seen 8 analysts revise their earnings upwards according to InvestingPro data, with impressive revenue growth of 24.5% over the last twelve months.
Late last week, Exelixis announced that its partner Ipsen (EPA:IPN.PA) received a positive opinion from the European Medicine Agency’s Committee for Medicinal Products for Human Use (CHMP) for CABOMETYX in treating adult patients with certain neuroendocrine tumors who have progressed after prior therapy. The company’s strong financial position is reflected in its "GREAT" financial health score and perfect Piotroski Score of 9, as reported by InvestingPro.
The European Commission will now review the CHMP recommendation, with a final decision expected in the coming months. The recommendation applies to CABOMETYX for unresectable or metastatic, well-differentiated extra-pancreatic and pancreatic neuroendocrine tumors in patients who progressed following at least one prior systemic therapy other than somatostatin analogues.
The CHMP based its recommendation on data from the Phase 3 CABINET pivotal trial, which evaluated CABOMETYX versus placebo in 298 patients across two cohorts. The trial was stopped early after an interim analysis demonstrated superior efficacy of cabozantinib compared to placebo in both patient groups.
H.C. Wainwright reiterated its buy rating in anticipation of a favorable near-term decision on approval of cabozantinib in the second-line extra-pancreatic and pancreatic neuroendocrine tumor settings. According to InvestingPro’s Fair Value analysis, Exelixis appears undervalued at current levels, with 10+ additional ProTips available to subscribers through the platform’s comprehensive research reports.
In other recent news, Exelixis has seen a series of updates concerning its zanzalintinib drug, which is currently under evaluation in several clinical trials. Citizens JMP raised its price target for Exelixis to $50 from $47, following positive trial results for zanzalintinib in metastatic colorectal cancer patients, highlighting a significant median overall survival benefit. Meanwhile, H.C. Wainwright maintained a buy rating and increased its price target to $47, citing promising data from the ASCO meeting, where zanzalintinib showed a 63% objective response rate in renal cell carcinoma patients. BofA Securities also raised its price target to $46, reflecting an updated assessment of Exelixis’ pipeline as it nears key milestones. However, they remain cautious regarding its success in the broader colorectal cancer population. Stifel reaffirmed a hold rating with a $38 target, noting higher adverse events in zanzalintinib trials compared to previous studies. Citizens JMP reiterated a Market Outperform rating and a $47 price target, emphasizing strategic changes in the STELLAR-303 trial endpoints to improve trial efficiency. These developments indicate ongoing interest and varied outlooks from analysts regarding Exelixis’ future performance.
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