Exelixis Inc
EXEL: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$45.30 | Bcnw | Bjrtqhhk |
Exelixis Faces Upcoming Patent Losses and First-Line Trial Setback; FVE of $18.90, Shares Overvalued
Despite Exelixis’ strong performance from its cabozantinib franchise, we view shares as overvalued, currently trading in 2-star territory. We maintain our fair value estimate of $18.90 per share, no-moat rating, and stable moat trend. Exelixis’ lead molecule, cabozantinib, is the active ingredient in two of the company’s three approved drugs: Cabometyx and Cometriq. The cabozantinib franchise generated over $1 billion in net product revenue in 2021.