Citi raised the firm’s price target on Exelixis (EXEL) to $45 from $38 and keeps a Buy rating on the shares following the Q4 report. The results reflect continued growth for the Cabometyx franchise, which remains well-positioned ahead of potential label expansion to both pancreatic neuroendocrine tumors and potentially metastatic castration-resistant prostate cancer, the analyst tells investors in a research note. The firm says Zanza represents Exelixis’s next leg of growth, and is positioned to be the company’s next blockbuster therapy.
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