Citi initiated coverage of Exelixis with a Buy rating and $31 price target. The analyst believes the company’s cancer drug cabozantinib remains a growth story, and could offer upside potential from further growth in kidney cancer treatments as well as label expansion from prostate cancer. In addition, zanzalintinib offers the next leg of growth following cabozantinib’s loss of exclusivity, the analyst tells investors in a research note. The firm sees “intrguing upside optionality” in shares of Exelixis.
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