BofA raised the firm’s price target on Exelixis (EXEL) to $46 from $45 and keeps a Neutral rating on the shares. Exelixis’ zanza pipeline asset is increasingly important to the stock and entering a critical juncture in terms of readouts, the analyst tells investors in a research note. The Phase 3 colorectal cancer readout is the most consequential as bull-case outcomes could start to narrow the gap between zanza’s de-risked peak sales and current Cabo levels, the firm says.
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