Analyst Andrew Berens of Leerink Partners maintained a Hold rating on Exelixis (EXEL – Research Report), boosting the price target to $37.00.
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Andrew Berens has given his Hold rating due to a combination of factors related to Exelixis’s recent performance and future prospects. The company reported strong first-quarter results with total revenues significantly exceeding expectations, driven by robust sales of cabozantinib and increased market share in renal cell carcinoma. Despite this positive performance, the company’s expenses, particularly in SG&A, were higher than anticipated, which could impact profitability.
Additionally, while Exelixis has raised its revenue guidance for the year, the upcoming pivotal trial readouts and updates for zanzalintinib present both opportunities and uncertainties. The revisions to the clinical trial endpoints and the ongoing developments in their pipeline suggest potential for growth, but also carry risks that may affect future outcomes. These mixed signals contribute to the Hold rating, reflecting a cautious approach as the company navigates these variables.
In another report released yesterday, Stifel Nicolaus also maintained a Hold rating on the stock with a $38.00 price target.
Based on the recent corporate insider activity of 105 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EXEL in relation to earlier this year.