Exelixis price target raised to $38 from $33 at Truist

Truist analyst Asthika Goonewardene raised the firm’s price target on Exelixis (EXEL) to $38 from $33 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s lead asset Cabometyx is returning to growth earlier than expected, prompting the management to raise revenue guidance, and with Cabo’s patent woes behind it, Exelixis gave a reassuring 2030-2033 forecast for Cabo and its key next-gen pipeline asset Zanza, the analyst tells investors in a research note. Given the sizable war chest that Exelixis has to deploy for deals, the company is on a path to its next stage of transformative growth, Truist added.