Exelixis Stock Falls as Oppenheimer Downgrades Rating to Perform
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Exelixis stock dropped 5% after Oppenheimer downgraded its rating from Outperform to Perform. The downgrade was due to concerns about the differentiation of Exelixis' pipeline candidate zanzalintinib compared to cabozantinib, following the STELLAR-001 study abstract.
January 27, 2025 | 7:00 pm
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Exelixis' stock fell 5% after Oppenheimer downgraded its rating to Perform from Outperform. The downgrade was driven by concerns over the differentiation of zanzalintinib versus cabozantinib, following the STELLAR-001 study abstract.
The downgrade by Oppenheimer is significant as it reflects concerns about the competitive edge of Exelixis' pipeline candidate zanzalintinib. This directly impacts investor sentiment, leading to a 5% drop in stock price.
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