Exelixis initiated with an Overweight at Wells Fargo

Wells Fargo analyst Derek Archila initiated coverage of Exelixis with an Overweight rating and $23 price target. The analyst likes cabozantinib’s near-term growth prospects and believes upcoming clarity on its loss of exclusivity will serve as a catalyst for the shares. Further, the combination of Exelixis’ "significant" cash pile and collection of pipeline assets should generate future value, the analyst tells investors in a research note. The firm views the company’s 2023 guidance as achievable.