BTIG initiated coverage of Exelixis with a Buy rating and $27 price target. The company’s commercial asset, cabozantinib, is a blockbuster that derived $2B in global revenues in 2022, with the drug showing positive data from two additional trials for neuroendocrine tumors and mCRPC, suggesting that the drug has immense growth potential, the analyst tells investors in a research note. Cabozantinib’s loss of exclusivity, which comes as early as August 2026, could limit Exelixis growth potential, but the company also has a compelling early-stage pipeline composed of ADCs, small molecule inhibitors, and immunotherapies that have the potential to become multi-billion-dollar drugs, the firm added.
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