EXEL - Exelixis beats on top and bottom lines and analysts like what they see (EXEL)

Exelixis (EXEL +8.1%) Q4 2021 results beat on the top and bottom lines after the closing bell Thursday, and Street firms are responding positively. While maintaining its buy rating, H.C. Wainwright reduced its target to $42 from $52 (~129% upside based on Friday's close). RBC Capital Markets analyst Kennen MacKay noted that the beats were driven driven by an Ipsen milestone after its Cabometyx sales had been preannounced. "We believe a catalyst rich 2022 adds upside to the stock and to commercial forecasts." RBC has an outperform rating and a $31 price target (69% upside). Truist Securities rates Exelixis (EXEL +8.1%) a buy with a $36 price target (96% upside). Analyst Asthika Goonewardene wrote the firm sees "a more compelling catalyst outlook, especially as our work on the ongoing MSN [Pharmaceuticals] litigation makes us increasingly confident that the overhang will clear by the Fall." Piper Sandler has an overweight rating and a $34

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Exelixis beats on top and bottom lines, and analysts like what they see (EXEL)