Exelixis (NASDAQ:EXEL) is down 5.95% to $32.10 as of 11:04 AM ET Friday, following a downgrade from Oppenheimer, which cut its rating to Perform from Outperform due to concerns over drug differentiation. The firm pointed to uncertainty between Exelixis' cancer therapies, zanzalintinib and cabozantinib, after reviewing an abstract from the STELLAR-001 study presented at the ASCO GI medical meeting.
While Oppenheimer noted that the data may help de-risk the Phase 3 STELLAR-303 trial in metastatic colorectal cancer (mCRC), analysts do not yet see clear differentiation for zanzalintinib. With this lack of clarity, Oppenheimer is taking a cautious stance, choosing to stay on the sidelines until more data emerges. As a result, the firm lowered its price target from $41 to $33, reflecting a more neutral outlook on the stock.
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