Exelixis: Truist Securities maintains Buy rating, lowers PT to $49 from $56.

Exelixis: Truist Securities maintains Buy rating, lowers PT to $49 from $56.

Exelixis Inc. (NASDAQ: EXEL) faced a significant setback in its stock price following the company's Q2 earnings report and the announcement to discontinue development of its experimental cancer drug zanzalintinib in a head-and-neck cancer trial. The stock dropped more than 12% in pre-market trading on Tuesday, July 2, 2025 [2].

Despite the revenue miss, Exelixis maintained its full-year 2025 guidance, forecasting total revenues between $2.25 billion and $2.35 billion, with net product revenues of $2.05 billion to $2.15 billion. The company attributed the revenue shortfall to higher gross-to-net deductions and lower clinical trial sales [2].

In a separate development, Truist Securities has maintained its Buy rating on Exelixis but lowered its price target from $56 to $49. This adjustment follows the recent market performance and the company's strategic decision to halt the zanzalintinib trial [1].

Analysts at Truist Securities believe that the stock's recent decline presents an attractive entry point for investors. They continue to see potential in Exelixis' core drug, cabozantinib (Cabometyx), and its other products, despite the setback with zanzalintinib.

Investors should closely monitor Exelixis' earnings reports and any updates on its drug pipeline to gauge the company's performance and future prospects.

References:
[1] https://www.quiverquant.com/news/New+Analyst+Forecast%3A+%24EXEL+Given+%2450.0+Price+Target
[2] https://ih.advfn.com/market-news/article/13654/exelixis-shares-tumble-over-12-after-revenue-miss-and-zanzalintinib-trial-halt