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Exelixis Inc . (NASDAQ:EXEL) stock soared to a 52-week high of $36.98, reflecting a remarkable year of growth for the biotechnology firm. Investors have shown increasing confidence in Exelixis, as evidenced by the stock's impressive 57% surge over the past year. The company maintains excellent financial health with a "GREAT" rating on InvestingPro, supported by an impressive 96% gross profit margin and 17% revenue growth. The company's robust performance is attributed to its successful advancements in cancer treatment drugs, which have not only bolstered its market position but also provided strong revenue streams. The 52-week high milestone underscores the market's optimistic outlook on Exelixis's future prospects and its potential for sustained growth in the biopharmaceutical sector. According to InvestingPro analysis, the stock is currently trading at Fair Value, with 12 additional exclusive insights available to subscribers.
In other recent news, Exelixis has been the subject of multiple analyst assessments and company developments. Truist Securities and Guggenheim both maintained a Buy rating on Exelixis, raising their price targets to $42, buoyed by the sales potential of its drug Cabometyx and the late-stage pipeline asset, zanzalintinib. Brookline Capital Markets also initiated coverage on Exelixis with a Buy rating and a price target of $40, projecting significant growth in sales of existing products and successful commercialization of new products.
However, BMO Capital Markets and BofA Securities downgraded Exelixis due to a more balanced risk/reward scenario, despite raising their price targets. The U.S. Food and Drug Administration (FDA) has scheduled an Oncologic Drugs Advisory Committee (ODAC) meeting for Exelixis's supplemental New Drug Application (sNDA) for Cabometyx, with a decision expected soon.
Exelixis reported a 9% increase in net product revenues, reaching $478 million, leading to a raised full-year revenue guidance for 2024. These developments come in the wake of Exelixis's collaboration with Merck (NS:PROR) for zanzalintinib and the ongoing clinical trials for this multi-kinase inhibitor. These are the latest updates regarding Exelixis.
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