Deutsche Bank Starts Exelixis (EXEL) at Buy
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Deutsche Bank initiated coverage on Exelixis (NASDAQ: EXEL) with a Buy rating and a price target of $17.00. The stock was also named Top Pick.
Analyst Andrew Peters said, "Despite EXEL being one of the best performing biotech stocks of 2016, we still see meaningful upside from current levels and view it is a new core holding in mid-cap biotech. Indeed, we expect the initial commercial success of Cabometyx to continue and see a clear path toward blockbuster revenues as well as renewed fiscal discipline which should drive profitability over the next 12-24mos. With US and Japanese rights and strong ROW economics, we also view EXEL as a top strategic target given the robust revenue potential and strong early data suggesting that cabo is combinable with other active therapies (I/O). "
Shares of Exelixis closed at $10.81 yesterday.
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