Schmidt's decision to increase the price target was driven by the positive results of Exelixis' global phase 3 CONTACT-02 pivotal trial. The trial, which evaluated cabozantinib (CABOMETYX®) in combination with atezolizumab, demonstrated a statistically significant improvement in progression-free survival (PFS) at the primary analysis. This trial specifically targeted patients with metastatic castration-resistant prostate cancer (mCRPC) and measurable soft tissue disease who had previously been treated with one novel hormonal therapy.
Following the announcement of the trial results, Schmidt spoke with two key opinion leader prostate cancer physicians to gather insights into the study and the market opportunity for CABOMETYX®. Based on these discussions, Guggenheim updated its mCRPC market model and adjusted its price target and assumptions for probability-adjusted sales of the CABOMETYX®/atezolizumab combination in first and second line mCRPC, beginning in 2025.
Guggenheim's decision to maintain a Strong Buy rating on Exelixis is in line with the consensus among analysts. Currently, 100% of top-rated analysts rate EXEL as a Strong Buy or Buy, with no analysts considering it a Hold. Furthermore, no analysts recommend or strongly recommend selling the stock.
Analysts forecast that Exelixis' upcoming year will deliver earnings per share (EPS) of $0.81. If these predictions hold true, EXEL's next yearly EPS will be up by 58.2% on a year-over-year basis.
In terms of stock performance, since Exelixis' last quarterly report on June 30, 2023, the stock price has increased by 12.4%. On a year-over-year basis, the stock is up 29.6%. During this period, EXEL has outpaced the S&P 500, which has risen by 15.4%.
Michael Schmidt, the Guggenheim analyst responsible for the price target hike, is ranked in the top 20% of Wall Street analysts by WallStreetZen. With an average return of 6.1% and a 43.2% win rate, Schmidt specializes in the Healthcare and Technology sectors.
Exelixis, Inc. is an oncology-focused biotechnology company that focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include CABOMETYX tablets for the treatment of advanced renal cell carcinoma and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer. These products are derived from cabozantinib, an inhibitor of multiple tyrosine kinases. Exelixis also offers other treatments, such as COTELLIC for advanced melanoma and MINNEBRO for hypertension in Japan. The company is actively engaged in research collaborations and license agreements with various pharmaceutical companies.
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