Analyst Sees Exelixis At Inflection Point Despite Mixed Trial Results
Portfolio Pulse from Vandana Singh
Exelixis, Inc. (NASDAQ:EXEL) announced mixed results from its phase 3 CONTACT-02 trial, showing significant progression-free survival but not overall survival. Despite this, the company plans to submit a supplemental marketing application to the FDA in 2024. Exelixis reported strong Q2 earnings, beating both EPS and sales expectations, and raised its 2024 revenue guidance. An analyst from William Blair reiterated an Outperform rating, citing the company's defensive investment profile.
August 07, 2024 | 6:16 pm
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Exelixis reported mixed results from its phase 3 CONTACT-02 trial but showed strong Q2 earnings, beating both EPS and sales expectations. The company plans to submit a supplemental marketing application to the FDA in 2024 and raised its 2024 revenue guidance. An analyst reiterated an Outperform rating.
Despite mixed trial results, Exelixis reported strong Q2 earnings and raised its 2024 revenue guidance, which is likely to positively impact the stock price. The analyst's Outperform rating further supports a positive short-term outlook.
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