11:43 AM EST, 01/05/2026 (MT Newswires) -- Exelixis ( EXEL ) faces limited high-impact catalysts, and the opportunity from potential success with the zanza trials is already priced into the valuation, BofA Securities said in a Monday note.

Analysts said that the company's Cabometyx cancer drug has limited patent life, with exclusivity set to expire by 2031.

BofA said that since phase 3 data from its trial evaluating zanza in colorectal cancer was "relatively underwhelming," it expects only niche peak sales of around $300 million.

Analysts said that updates from competitors could weigh on Exelixis ( EXEL ) shares, notably from Merck ( MRK ) , which could erode Cabometyx's market position.

BofA downgraded the stock's rating to underperform from neutral and lowered its price target to $41 from $43.

Exelixis ( EXEL ) shares were down 3% in recent Monday trading.

Price: 42.12, Change: -1.46, Percent Change: -3.35