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]

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]

Company Overview - Exelixis (EXEL) shares increased by 7.4% to close at $43.37, supported by high trading volume, contrasting with a 4.8% decline over the past four weeks [1] - The company announced that the late-stage STELLAR-303 study met one of its dual primary endpoints, showing a statistically significant improvement in overall survival for patients treated with zanzalintinib in combination with Tecentriq compared to regorafenib [2] - The consensus EPS estimate for Exelixis is $0.63 for the upcoming quarter, reflecting a year-over-year decrease of 25%, with expected revenues of $571.08 million, down 10.4% from the previous year [3] Earnings and Estimates - The consensus EPS estimate for Exelixis has been revised 0.8% higher in the last 30 days, indicating a positive trend that may lead to price appreciation [4] - Exelixis holds a Zacks Rank of 2 (Buy), suggesting favorable market sentiment [4] Industry Context - Exelixis operates within the Zacks Medical - Biomedical and Genetics industry, where Cartesian Therapeutics, Inc. (RNAC) also competes, having closed 0.7% higher at $9.83 [4] - Cartesian Therapeutics has a consensus EPS estimate of -$0.77, representing a significant year-over-year change of -242.6%, and currently holds a Zacks Rank of 3 (Hold) [5]