{
  "id": 1914361,
  "title": "BMO initiates Exelixis stock at Market Perform, cites patent cliff",
  "url": "https://urgent.news/2026/08/19/bmo-initiates-exelixis-stock-at-market-perform-cites-patent-cliff",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T10:24:50.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/analyst-ratings/bmo-initiates-exelixis-stock-at-market-perform-cites-patent-cliff-93CH-4866918"
  },
  "original_language": "en",
  "account": "BMO Capital initiated coverage on Exelixis Inc. (NASDAQ:EXEL) on Tuesday, assigning a Market Perform rating and setting a price target of $54.00. The company's main product, cabozantinib, has generated about $2.12 billion in fiscal year 2025. BMO Capital highlighted the franchise as durable, high margin, and cash generating, with a 96% gross profit margin and a 9% free cash flow yield. However, the firm warned of a patent cliff ahead in early 2030 for cabozantinib, as the follow-up drug zanzalintinib is not yet fully de-risked. BMO Capital prefers to wait for further developments before making a move. Meanwhile, Exelixis reported better-than-expected earnings for Q2 2026, but lowered its full-year revenue guidance due to a slower-than-anticipated ramp-up in its NET business.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "BMO initiates Ionis Pharmaceuticals stock at Market Perform, PT $60",
        "url": "https://urgent.news/2026/08/19/bmo-initiates-ionis-pharmaceuticals-stock-at-market-perform-pt-60",
        "published": "2026-08-19T10:24:55.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}