Biotechnology company Exelixis (NASDAQ:EXEL) has announced that its Phase 3 study, CONTACT-01, evaluating cabozantinib in combination with atezolizumab for the treatment of non-small cell lung cancer (NSCLC) failed to meet its primary endpoint of overall survival in the final analysis.
Further, the combination’s safety profile was consistent with the observed profiles of each single agent. The company now plans to present findings from the study at a future medical meeting.
The Street, in the meantime, has a Strong Buy consensus rating on the stock alongside an average price target of $25.50.
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