Exelixis' (EXEL) revenue growth in the coming years is expected to be meaningfully ahead of market estimates, which are likely "too conservative" in peak sales of the Cabometyx and Zanzalintinib treatments, Morgan Stanley said in a note e-mailed Monday.
Morgan Stanley raised its revenue trajectory for Cabometyx after including potential sales from emerging indications. Exelixis' long-term guidance for Zanzalintinib calls for peak revenue of about $5 billion in 2033 versus unadjusted market consensus at nearly $2 billion, the firm said in a note to clients.
"Such a steep discount from [Wall Street] suggests the Zanza opportunity may yet to be meaningfully embedded in the stock price," Morgan Stanley said.
The firm upgraded Exelixis' stock to an overweight rating from equal-weight, with a new price target of $40, up from $30.
The company's shares were up 2.6% in recent trading.
Price: 33.22, Change: +0.84, Percent Change: +2.59
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