Exelixis price target lowered to $32 from $35 at Truist

Truist analyst Asthika Goonewardene lowered the firm’s price target on Exelixis to $32 from $35 but keeps a Buy rating on the shares. The analyst cites the company’s announcement that its CONTACT-01 trial did not meet its primary endpoint of OS. Goonewardene adds that the path forward for Cabometyx in NSCLC would be difficult and he is removing the NSCLC indication revenues from his model.