Cowen analyst Yaron Werber lowered the firm’s price target on Exelixis to $20 from $21 and keeps an Outperform rating on the shares. The analyst said its preliminary Q4 report shows inline net product revenues and modest 2% q/q growth. He also noted its early pipeline continues to make steady progress and multiple IND filings are planned by 2024; but the ANDA case is expected to remain an overhang with a second trial starting in October 2023.
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