Exelixis (EXEL) PT Raised to $10 at Leerink on CRC Opportunity for Cotellic

Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and boosted his price target on Exelixis (NASDAQ: EXEL) to $10.00 (from $8.00), saying the CRC opportunity for Cotellic is attractive.

Schmidt commented, "Reiterating our OP rating on EXEL as we see upside generated by Cotellic (MEK inhibitor, partnered w/ Roche) based on recent initiation of Phase III trials in colorectal cancer with addl. ongoing Ph I/II studies providing optionality. Our OP rating on EXEL is based on our thesis that recently FDA approved Cabometyx ("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 modest. Today, we are updating our model and price target on EXEL to include probability-adjusted value for the Cotellic opportunity in metastatic colorectal cancer (mCRC) based on recently presented positive Ph Ib data at ASCO and initiation of Ph III trials. Several additional Cotellic combination trials are ongoing which could drive further upside."

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 $7.66 yesterday.

You May Also Be Interested In

• Alpine Income Property Trust (PINE) PT Lowered to $18 at Jones Trading
• CIMC Enric Holdings Ltd. (3899:HK) (CIMEF) PT Lowered to HK$8.70 at HSBC
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral