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Investing.com - Truist Securities lowered its price target on Exelixis (NASDAQ:EXEL) to $49.00 from $56.00 on Tuesday, while maintaining a Buy rating on the biopharmaceutical company’s stock. The company, which boasts a perfect Piotroski Score of 9 and "GREAT" financial health according to InvestingPro, continues to demonstrate strong operational performance.
The price target reduction follows Exelixis reporting second-quarter 2025 Cabometyx (cabo) sales of $520 million, falling short of Wall Street expectations of $530 million and Truist’s own estimate of $558 million.
Despite commercial volume growth driven by the neuroendocrine tumor (NET) launch, other unspecified factors created headwinds for the company’s flagship product during the quarter.
Exelixis also announced that the Phase 2 portion of its STELLAR-305 trial did not warrant continuation to Phase 3, prompting Truist to remove Zanza’s head and neck cancer potential from its valuation model.
Truist analysts noted they continue to believe in Cabometyx’s $3 billion peak sales potential but have adjusted their near-term sales projections to align more closely with company guidance. According to InvestingPro’s Fair Value analysis, Exelixis appears undervalued at current levels, with 13 additional exclusive insights available to subscribers.
In other recent news, Exelixis reported its second-quarter 2025 earnings, delivering an earnings per share (EPS) of $0.75, which exceeded analysts’ expectations of $0.64. However, the company’s revenue came in at $568 million, slightly under the anticipated $578.46 million. Despite the revenue miss, the positive earnings performance has been well-received. JMP Securities reiterated its Market Outperform rating on Exelixis, maintaining a $50.00 price target, even though the company slightly missed net cabozantinib sales due to new pricing dynamics. JMP highlighted that volume growth remains strong, with a year-over-year increase of 18%, and anticipates cabozantinib reaching $2.1 billion in sales by fiscal year 2025. Stifel also adjusted its price target for Exelixis, raising it from $38.00 to $41.00, while maintaining a Hold rating. This revision reflects an improved outlook for the company’s zanza in metastatic colorectal cancer. These developments indicate a mixed yet optimistic outlook for Exelixis, driven by strategic advancements and analyst support.
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