Exelixis price target raised to $33 from $32 at Guggenheim

Guggenheim raised the firm’s price target on Exelixis (EXEL) to $33 from $32 and keeps a Buy rating on the shares after a “strong” Q3 for Cabometyx, including a roughly 8% net product sales beat on 12% year-over-year growth. The firm continues to be encouraged by the strong Cabometyx revenue base and near-term pipeline optionality through zanzalintinib, which it says represents “a large source of potential upside to our estimates.”