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.
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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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