Exelixis, Inc. (EXEL) Gets Upgraded to Outperform from Market Perform by Leerink Partners

Exelixis, Inc. (NASDAQ:EXEL) is one of the most profitable biotech stocks to buy. On October 21, Exelixis, Inc. (NASDAQ:EXEL) got upgraded to Outperform from Market Perform by Leerink Partners. The firm also raised its price target on the stock to $48 from $38.

The rating update came after the ESMO presentation of the Phase 3 STELLAR-303 trial that evaluated zanzalintinib plus atezolizumab versus regorafenib in 3L non MSI-high metastatic colorectal cancer.

The firm told investors that while Exelixis, Inc. (NASDAQ:EXEL) stock was down 12% and pressured on the data, it believes that the trial established several significant levers crucial to its longer-term investment thesis.

It added that STELLAR-303 established the approvability of zanzalintinib in this setting, paving the way for the next generation TKI to offset cabo revenues after patent expiry in 2028.

Exelixis, Inc. (NASDAQ:EXEL) discovers, develops, and commercializes new medicines for difficult-to-treat cancers. Its product portfolio includes cabometyx, cometriq, and cotellic.

While we acknowledge the potential of EXEL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.