Leerink Positive on Exelixis (EXEL) as Cabometyx Nabs European Approval
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week 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
- Rite Aid (RAD)/Walgreens (WBA) Antitrust Concerns Doesn't Mean Deal is Dead, Says Deutsche Bank
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Generics File Against New Teva Pharma (TEVA) Copaxone 40MG Patent - Evercore ISI
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!