Exelixis initiated with an Equal Weight at Stephens

Stephens initiated coverage of Exelixis with an Equal Weight rating and $23 price target. The company has been “widely successful” with its Cabometyx franchise for solid tumor indications, but its growth prospects will slow due to the competition and market saturation in the renal cell carcinoma space, the analyst tells investors in a research note. The firm says the ANDA litigation continues to be an overhang on the stock as loss of exclusivity through 2030 is at risk.