Leerink Sees Cabozantinib Phase 3 Data in HCC as Incremental Positive for Exelis (EXEL)
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Analyst Michael Schmidt, PhD, commented today,
Based on the pre-planned interim analysis that occurred at 50% of the required overall survival (OS) events, the study will continue until the next interim that is expected at 75% of the OS events. To our knowledge the trial has not yet completed enrolling and mgmt. previously guided to top-line results in 2017.
We view HCC as another major upside opp'ty for EXEL that is not yet reflected in the stock (or our valuation). Reiterating our OP recommendation on EXEL which is based on our thesis that recently FDA approved Cabo is well positioned to capture significant market share in the treatment of renal cell carcinoma (RCC), while expectations for Cotellic (approved in BRAF+ melanoma) are still only modest but could drive significant value if approved in more prevalent cancers such as colorectal.
Potential label extension opportunities for Cabo e.g. in HCC or in combination with PD1 inhibitors could drive further upside not yet reflected in the stock. Next updates at ESMO in early October (LINK) 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 further.
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