15 Best Stocks to Buy According to Jim Simons’ Renaissance Technologies

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9. Exelixis, Inc. (NASDAQ:EXEL)

Renaissance Technologies Q4 Stake: $509.3 million

Number of Hedge Fund Holders: 46

Exelixis, Inc. (NASDAQ:EXEL) focuses on developing targeted cancer treatments. The company specializes in molecular therapies that treat difficult-to-treat cancers by targeting particular mutations in the genome.

Exelixis, Inc. (NASDAQ:EXEL) has received FDA approval for its drug cabozantinib, also known as Cabometyx, to treat certain neuroendocrine tumors (NETs), marking the company’s sixth approval in the United States. This decision was based on the phase 3 CABINET trial, which demonstrated significant improvements in median progression-free survival for both pancreatic and extra-pancreatic NETs.

On April 17, Citizens JMP analysts maintained a Market Outperform rating on Exelixis, Inc. (NASDAQ:EXEL), with a price target of $41. Silvan Tuerkcan, the firm’s analyst, predicted that Exelixis would beat the top line, attributing this to a strong prescription model. Due to restrictions on WAC growth imposed by the Inflation Reduction Act, Exelixis, Inc. (NASDAQ:EXEL) experienced a slight 2.8% year-over-year growth. Exelixis is expected to report cabozantinib sales of $473.5 million, representing an 8% decrease from the previous quarter but a 26% increase year-over-year. The same growth and decline percentages are anticipated for net product sales.

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