As previously reported, BofA downgraded Exelixis (EXEL) to Neutral from Buy with a price target of $39, up from $35. The stock price has gained 37% following a win on a cabozantinib intellectual property dispute and favorable Q3 update, notes the analyst, who sees a more balanced risk/reward after the recent run-up. With Cabo, the company’s lead oncology asset, approaching “a more mature stage of its product life cycle,” the firm’s focus has largely shifted to clinical data generation to diversify the business, the analyst tells investors.
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