Exelixis (EXEL – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Yaron Werber from TD Cowen maintained a Buy rating on the stock and has a $44.00 price target.
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Yaron Werber’s rating is based on Exelixis’s strong financial performance and promising pipeline developments. The company reported impressive first-quarter revenues of $555 million, surpassing both Werber’s and consensus estimates. This was largely driven by robust sales of Cabometyx (Cabo), which exceeded expectations due to high demand in renal cell carcinoma and early approval in neuroendocrine tumors.
Werber is optimistic about Exelixis’s future prospects, particularly with the upcoming data from late-stage trials of zanzalintinib. The potential for significant market opportunities in neuroendocrine tumors and renal cell carcinoma, coupled with the company’s strategic plans to expand its product offerings, supports a positive risk-reward scenario. Additionally, Werber has increased the price target for Exelixis’s stock to $44, reflecting confidence in the company’s ability to achieve its growth targets.