---
title: "Exelixis Rated Hold as Zanzalintinib CRC Outlook Remains Mixed; $54 Price Target Reaffirmed"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/298937347.md"
description: "BMO Capital analyst David Lebowitz maintains a Hold rating on Exelixis with a $54 price target. The stance reflects mixed outlooks for zanzalintinib in colorectal cancer: while FDA approval is likely due to survival benefits and safety, missed endpoints may narrow the label and constrain sales. Combined with a mature franchise, approaching patent cliff, and developing pipeline, these factors justify a balanced view."
datetime: "2026-09-14T14:45:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/298937347.md)
  - [en](https://longbridge.com/en/news/298937347.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/298937347.md)
generator: "portal-rs"
---

# Exelixis Rated Hold as Zanzalintinib CRC Outlook Remains Mixed; $54 Price Target Reaffirmed

In a report released on September 11, David Lebowitz from BMO Capital maintained a Hold rating on Exelixis, with a price target of $54.00.

David Lebowitz has given his Hold rating due to a combination of factors surrounding Exelixis’s CRC program and overall franchise outlook. He views FDA approval of zanzalintinib in colorectal cancer as still likely, supported by a statistically significant overall survival benefit in the intent-to-treat population and a clean safety profile, but notes that the extended PDUFA timeline underscores heightened regulatory scrutiny.

At the same time, Lebowitz highlights the risk that the missed co-primary endpoint in patients without active liver metastases could lead to a narrower CRC label, constraining peak sales relative to more bullish scenarios. Combined with Exelixis’s solid but mature cash-generating franchise, an approaching patent cliff, and a still-developing “second act” pipeline, these mixed dynamics justify maintaining a balanced, Hold stance, with the price target kept unchanged at $54. 

According to TipRanks, Lebowitz is an analyst with an average return of -3.7% and a 28.57% success rate. Lebowitz covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals, Alnylam Pharma, and BioMarin Pharmaceutical.

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- [Exelixis, Inc. $EXEL Position Boosted by IFP Advisors Inc](https://longbridge.com/en/news/302382035.md)
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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**