Stifel raised the firm’s price target on Exelixis (EXEL) to $30 from $26 and keeps a Hold rating on the shares. The long-awaited ruling on the MSN Laboratories litigation is an incremental positive for Exelixis shares that materially improves visibility into Cabometyx LOE and provides the company with clarity on the size and scope of business development activities going forward, the analyst tells investors in a research note. Stifel believes zanzalintinib remains a key longer-term lever in the company’s ability to transition the model post-Cabometyx and the firm is intrigued by the recently announced collaborations with Merck (MRK).
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