Exelixis price target raised to $29 vs. $25 at Oppenheimer

Oppenheimer has raised its Exelixis Inc. (EXEL) price target to $29 from $25, citing the biotech's Phase 3 CONTACT-02 trial evaluating Cabozantinib in combination with Atezolizumab. "We believe positive Ph3 CONTACT-02 topline results for cabo+atezo in mCRPC [metastatic castration-resistant prostate cancer] should support potential regulatory discussions for the first potential non-cytotoxic and non-chemo therapy in this setting, which we see as a meaningful opportunity based on the current prognosis of 2 years," wrote Oppenheimer analyst Jay Olson, in a note. "CONTACT-02 met one of two primary endpoints by demonstrating a significant improvement in PFS [progression-free survival] while a trend in OS [overall survival] improvement was observed although data were immature at this first analysis." Exelixis stock is up 0.61% in premarket trades Tuesday after ending Monday's session up 1.3%.

-James Rogers

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08-22-23 0919ET

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