BMO Capital analyst George Farmer lowered his price target on Exelixis to $19 and kept his Market Perform rating following the company's disclosure of a Paragraph IV Certification Notice regarding MSN Pharma's ANDA for generic version of CABOMETYX, or cabozantinib. The analyst notes that while the company's 8-K filing indicates that no direct challenge was made to the key patent expiring in 2026 that covers cabozantinib composition of matter, the timing of filing suggests that MSN Pharma may have plans to launch generic cabozantinib at risk of patent infringement after the 30-month stay. Farmer adds that the filing reduces the likelihood that a larger biotech or pharma company interested in expanding its commercial oncology franchise would approach Exelixis with a bid.