Exelixis (EXEL) Rated Equalweight by Barclays Amid Cancer Drug Outlook

Core Insights - Exelixis, Inc. (NASDAQ:EXEL) is considered one of the most undervalued stocks on NASDAQ, with Barclays initiating coverage and setting a price target of $40 per share [1] - The company's primary revenue driver, cabozantinib, is expected to see mid-single-digit growth until its patent expiration in 2029 [1] - Barclays forecasts that Exelixis' overall revenue for 2029 will be approximately 8% lower than consensus estimates, primarily due to reduced sales expectations from pipeline products [2] Company Overview - Exelixis, Inc. specializes in developing targeted cancer treatments, focusing on molecular therapies that address difficult-to-treat cancers by targeting specific genomic mutations [4] Pipeline Developments - Zanzalintinib, a key pipeline candidate for Exelixis, has potential to enhance treatments for colorectal cancer and non-clear cell renal carcinoma [3] - However, there are concerns regarding zanzalintinib's ability to advance to earlier treatment lines in colorectal cancer due to a competitive market landscape [3]