Exelixis, Inc. (NASDAQ:EXEL) is one of the best growth stocks to buy according to analysts. On August 12, H.C. Wainwright analyst Robert Burns maintained a Buy rating on Exelixis, Inc. (NASDAQ:EXEL), while trimming the company’s price target from $53 to $46. However, despite the cut, the price target is nearly 21% above the current market price of $38.12.
Burns cited the company’s decision not to go ahead with the Phase 3 portion of the STELLAR-305 trial for the target cut. Phase 3 of Stellar 305 was considered important because it could have been a critical milestone in validating the full system performance, mission-readiness, and scalability of the Stellar 305 platform.
STELLAR-305 is a clinical trial investigating the use of zanzalintinib, an investigational, oral, third-generation tyrosine kinase inhibitor (TKI) being developed by the company, along with pembrolizumab, a medication used in cancer immunotherapy, as an immune checkpoint inhibitor, for treating recurrent or metastatic head and neck squamous cell carcinoma (HNSCC).
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