Exelixis downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Exelixis to Equal Weight from Overweight with an unchanged price target of $25. The analyst cites a lack of near-to-mid term catalysts for the downgrade, saying investors are are unlikely to see high impact data in 2024. Consequently, the firm sees greater upside potential from other stocks in its coverage universe. In addition, a positive intellectual property outcome for Exelixis is mostly baked into consensus estimates, the analyst tells investors in a research note.