Exelixis (EXEL) PT Bumped to $8 at Piper Jaffray, Remains Sidelined

Piper Jaffray analyst Edward Tenthoff raised his price target on Exelixis (NASDAQ: EXEL) to $8.00 (from $5.00) but maintained a Neutral rating following results.

Tenthoff commented, "Exelixis reported COMETRIQ sales of $14M in 2Q:16 and CABOMETYX renal cell carcinoma (RCC) sales of $17.6M including $6.5-7M in inventory stocking. These results beat our sales estimate of $10.5 million in COMETRIQ and $7.5 million of CABOMETYX. We now forecast U.S. CABOMETYX sales of $88M in 2016 and $224M in 2017. Exelixis ended 1Q:16 with cash of $384M, retains a $287.5M convertible note due in 2019 and owes Silicon Valley Bank $80M and Deerfield $107M due in July 2018. We remain Neutral, however are increasing our price target to $8 from $5 based on increased CABOMETYX sales."

For an analyst ratings summary and ratings history on Exelixis click here. For more ratings news on Exelixis click here.

Shares of Exelixis closed at $9.39 yesterday.

You May Also Be Interested In

• Wells Fargo Upgrades Neurocrine Bio. (NBIX) to Overweight 'as the Company is Knocking on the Doors of the Large-Cap Club'
• BofA Securities Upgrades Tesla (TSLA) to Buy on wind up of positive catalysts
• Tesla (TSLA) PT Lowered to $180 at Mizuho