Exelixis price target raised to $28 from $26 at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung raised the firm’s price target on Exelixis to $28 from $26 and keeps an Equal Weight rating on the shares. For Exelixis, the firm’s estimates are above consensus on Cabometyx sales and it also updated its model and year-end estimated share count regarding the $500M stock repurchase program through end of 2025.