Oppenheimer Asset Management Inc. acquired a new stake in Exelixis, Inc. (NASDAQ:EXEL – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,568 shares of the biotechnology company’s stock, valued at approximately $245,000. Get Exelixis alerts: Other institutional investors and hedge funds have also made changes to their positions in the company. Belpointe Asset Management LLC purchased a new stake in shares of Exelixis d ...

Core Insights - Exelixis, Inc. has been upgraded to Outperform from Market Perform by Leerink Partners, with a new price target set at $48, up from $38 [1][2] - The upgrade follows the ESMO presentation of the Phase 3 STELLAR-303 trial, which evaluated zanzalintinib plus atezolizumab against regorafenib in 3L non MSI-high metastatic colorectal cancer [2] - Despite a 12% decline in stock price due to initial data pressure, the trial is seen as establishing significant long-term investment potential for Exelixis [2][3] Company Overview - Exelixis, Inc. focuses on discovering, developing, and commercializing new medicines for difficult-to-treat cancers, with a product portfolio that includes cabometyx, cometriq, and cotellic [3] - The STELLAR-303 trial results are expected to pave the way for the approval of zanzalintinib, which could help offset revenue losses from cabometyx after its patent expiry in 2028 [3]

Core Insights - Exelixis, Inc. reported results from its STELLAR-303 trial comparing zanzalintinib plus atezolizumab to regorafenib in metastatic colorectal cancer (mCRC) on October 20 [1] Group 1 - The STELLAR-303 trial results are significant for the company's ongoing research in the oncology sector [1]

Upgrades - BofA upgraded Eversource (ES) to Buy from Neutral with a price target of $85, up from $73, citing an "improving regulatory tone" and a projected 6% EPS growth through 2029 [2] - Leerink upgraded Exelixis (EXEL) to Outperform from Market Perform with a price target of $48, up from $38, following the Phase 3 STELLAR-303 trial results, which established important levers for long-term investment despite a 12% stock decline [3] - Citi upgraded Nextracker (NXT) to Buy from Neutral with a price target of $114, up from $66, highlighting its dominant position in tracker sales and potential revenue contributions from acquired businesses by FY30 [4] - Citi upgraded Sunrun (RUN) to Buy from Neutral with a price target of $26, up from $11, noting benefits from rising electricity rates and increased leverage over suppliers due to market shifts [5] - Raymond James upgraded Capri Holdings (CPRI) to Outperform from Market Perform with a price target of $25, indicating a favorable turnaround position supported by improving demand and conservative guidance [6] Downgrades - JPMorgan downgraded Goldman Sachs (GS) to Neutral from Overweight with a price target of $750, up from $625, citing high current valuations compared to European investment banks [7] - BNP Paribas Exane downgraded Verizon (VZ) to Neutral from Outperform with a price target of $44, raising concerns about strategic direction following a recent CEO change [7] - BNP Paribas Exane downgraded NuScale Power (SMR) to Underperform from Neutral with a price target of $25, down from $41, due to concerns over cumulative shipments and financial commitments [7] - Citi downgraded NuScale to Sell from Neutral with a price target of $37.50, down from $46, highlighting potential sales by Fluor and stretched valuations [7] - TD Cowen downgraded Tempus AI (TEM) to Hold from Buy with a price target of $88, up from $72, viewing the stock as fairly valued after a significant rally [7] - Wells Fargo downgraded Cleveland-Cliffs (CLF) to Underweight from Equal Weight with an unchanged price target of $11, describing the recent stock rally as "excess exuberance" [7]

Core Viewpoint - Top Wall Street analysts have revised their outlook on several prominent stocks, indicating potential shifts in investment sentiment and opportunities in the market [1] Group 1: Analyst Ratings Changes - The article highlights changes in analyst ratings, including upgrades, downgrades, and initiations for various stocks [1] - Specific mention of NXT stock suggests it is under consideration for purchase based on analysts' opinions [1]

Core Insights - Exelixis Inc. stock is experiencing a decline following the release of detailed results from the STELLAR-303 Phase 3 trial, which evaluated zanzalintinib in combination with Roche's Tecentriq against Bayer's Stivarga for metastatic colorectal cancer [1][6] Group 1: Trial Results - The STELLAR-303 trial met one of its dual primary endpoints, showing a 20% reduction in the risk of death in the intention-to-treat population at the final analysis [2] - At a median follow-up of 18 months, median overall survival was 10.9 months for the zanzalintinib and atezolizumab combination compared to 9.4 months for regorafenib [2] - The 12- and 24-month landmark overall survival estimates were 46% and 20% for the combination, versus 38% and 10% for regorafenib [4] Group 2: Additional Findings - An interim analysis indicated a trend favoring the combination with overall survival of 15.9 months compared to 12.8 months at a median follow-up of 16.8 months [5] - A trend for improvement in progression-free survival (PFS) was also observed, although statistical superiority cannot be claimed at this time due to the prespecified hierarchical testing strategy [5][6] - The trend for PFS improvement was consistent across subgroups [6]

Market Overview - U.S. stock futures are higher, with Dow futures gaining approximately 0.2% on Monday [1] Company-Specific Movements - Olema Pharmaceuticals Inc (NASDAQ:OLMA) shares fell 18.3% to $7.64 in pre-market trading following the announcement of new data from the Phase 1b/2 trial of palazestrant plus ribociclib in ER+/HER2- metastatic breast cancer at ESMO 2025 [1] - Concord Medical Services Hldgs Ltd (NYSE:CCM) experienced a decline of 24.4% to $4.15 in pre-market trading after a 6% drop on Friday [3] - Addex Therapeutics Ltd – ADR (NASDAQ:ADXN) dipped 15.6% to $9.23 in pre-market trading after a significant gain of 28% on Friday [3] - Exelixis Inc (NASDAQ:EXEL) shares fell 8.3% to $36.00 after announcing detailed results from the Phase 3 STELLAR-303 pivotal trial evaluating zanzalintinib in combination with an immune checkpoint inhibitor in metastatic colorectal cancer, presented at ESMO 2025 and published in The Lancet [3] - Cellectis SA (NASDAQ:CLLS) shares declined 7.3% to $3.69 in pre-market trading [3] - Alumis Inc (NASDAQ:ALMS) saw a decline of 6.7% to $4.19 in pre-market trading [3] - Nanobiotix SA – ADR (NASDAQ:NBTX) fell 6.3% to $23.98 in pre-market trading after a 4% decline on Friday [3] - Genmab A/S – ADR (NASDAQ:GMAB) declined 4.1% to $31.81 in pre-market trading, with Rinatabart Sesutecan achieving a 50% objective response rate and two complete responses in advanced endometrial cancer [3] - Taysha Gene Therapies Inc (NASDAQ:TSHA) fell 4% to $4.53 in pre-market trading [3]

Core Insights - Exelixis, Inc. announced positive data from the STELLAR-303 trial, showing that the combination of zanzalintinib and atezolizumab improved median overall survival for metastatic colorectal cancer patients compared to regorafenib [1][2] - The combination therapy resulted in a median overall survival of 10.9 months, compared to 9.4 months for regorafenib, and reduced the risk of death by 20 percent in the intention-to-treat population [1] - The 12- and 24-month survival rates for the combination therapy were 46 percent and 20 percent, respectively, compared to 38 percent and 10 percent for regorafenib [2] - The safety profiles of both treatment regimens were consistent with previous observations [2] - The lead investigator noted that the combination therapy has shown consistent benefits across key patient subgroups [3] - Exelixis plans to submit its first new drug application for zanzalintinib by the end of the year [3] - Following the announcement, Exelixis' stock price decreased by 8.28 percent to $36 in pre-market trading [3]

Core Insights - Exelixis, Inc. announced detailed results from the STELLAR-303 trial, which evaluated zanzalintinib in combination with atezolizumab against regorafenib in patients with previously treated non-MSI-high metastatic colorectal cancer [1] Group 1 - The study met one of its dual primary endpoints, showing a 20% reduction in the risk of death with the combination treatment [1]

Core Insights - Exelixis, Inc. announced results from a subgroup analysis of the CABINET phase 3 pivotal trial evaluating CABOMETYX® (cabozantinib) against placebo in patients with previously treated advanced neuroendocrine tumors (NET) originating in the lungs or thymus [1] Group 1 - The data from the trial will be presented at the 2025 European Society for Medical Oncology Congress (ESMO) during the Monday Poster Session: Neuroendocrine Tumours on October 20, 2025, from 12:00 – 12 [1]