Leerink Positive on Exelixis (EXEL) as Cabometyx Nabs European Approval
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Leerink affirms Exelixis (Nasdaq: EXEL) at Outperform with a price target of $12 after the company announced that the European Commission (EC) has approved CABOMETYX (cabozantinib) tablets for the treatment of advanced renal cell carcinoma (RCC) in adults following prior vascular endothelial growth factor (VEGF)-targeted therapy.
The firm said,
We are reiterating our OP rating based on our thesis that recently FDA approved Cabometyx is well positioned to capture significant market share in the treatment of RCC, while Street expectations for Cotellic (approved in BRAF+ melanoma) are still only modest and could drive significant value long-term. Potential label extension opportunities for Cabo -- e.g., in liver cancer (HCC) or in combination with PD1 inhibitors -- could drive further upside not yet reflected in the stock. Next updates at the European Society of Medical Oncology (ESMO) in early October center around presentation of the Phase II CABOSUN trial results in 1L RCC as a late breaker, which could potentially expand the utility of Cabo in RCC further. Ultimately we think EXEL is an acquisition target, given the potential to realize significant cost synergies.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Discusses Biogen (BIIB) Seizure Patient
- UBS Raises Price Target on Selecta Biosciences (SELB) to $29
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, FDA
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!