Gold prices dip as hawkish Fed minutes weigh ahead of Jackson Hole
Investing.com -- Exelixis Inc (NASDAQ:EXEL) stock surged 8.8% following positive topline results from its STELLAR-303 phase 3 pivotal trial, which showed that its experimental drug zanzalintinib combined with atezolizumab demonstrated a statistically significant improvement in overall survival compared to regorafenib in patients with previously treated metastatic colorectal cancer.
The trial met one of its dual primary endpoints in the intent-to-treat population and will proceed to the planned final analysis for the second primary endpoint of overall survival in patients without liver metastases. The safety profiles were consistent with previous observations, with no new safety signals identified.
"The STELLAR-303 results, which showed a survival benefit with the combination of zanzalintinib and atezolizumab versus regorafenib across all randomized patients with previously treated metastatic colorectal cancer, marks an important first milestone for our zanzalintinib pivotal development program," said Amy Peterson, M.D., Executive Vice President, Product Development & Medical (TASE:BLWV) Affairs, and Chief Medical Officer at Exelixis.
The company plans to discuss the findings with regulatory authorities and present detailed results at an upcoming medical conference. Secondary endpoints of the trial include progression-free survival, objective response rate, and duration of response.
Truist Securities analyst Asthika Goonewardene raised the price target on Exelixis to $55.00 from $43.00 while maintaining a Buy rating. "We think this study will pave the way for Zanza’s first regulatory approval, and if the regimen produces similar efficacy as it did in earlier studies, we forecast easily >$1B in peak sales in the 3rd line colorectal cancer (CRC) setting. Importantly, this outcome gives Zanza proof of concept in CRC, and we think EXEL will unveil a broader development strategy to address the larger, earlier line population," Goonewardene commented.
Citizens JMP analyst Silvan Tuerkcan also raised the price target on Exelixis to $50.00 from $47.00, noting: "Exelixis’ zanzalintinib took its first pivotal hurdle in the overall population in mCRC — giving the company a shot at a second product beyond cabozantinib."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.