Leerink Partners Remains Sidelined ahead of Exelixis' (EXEL) ASCO-GU Conference Presentation

Leerink Partners reiterated a Market Perform rating and $6.00 price target on Exelixis (NASDAQ: EXEL) following the company's announced presentation of a subgroup analysis of the previously presented METEOR trial results of cabozantinib in renal cell carcinoma at the upcoming ASCO-GU conference. Data to be presented at ASCO-GU shows sustained benefits in progression-free survival (PFS) and objective response rate (ORR) across various subgroups, and independent of the location and number of organ metastases, tumor burden, the type, duration and number of prior VEGF receptor TKI therapies, and prior PD-1/PD-L1 therapy, according to EXEL.

Analyst Michael Schmidt commented, "EXEL announced presentation of a subgroup analysis of the previously presented METEOR trial results of cabozantinib (Cabo) in renal cell carcinoma (RCC) at the upcoming ASCO-GU conference on Jan 9. Based on EXEL's press release following the press briefing, the analysis appears to confirm impressive results which were presented previously at ESMO (LINK). Based on our recent analysis (LINK) including a physician survey (LINK), we continue to believe Cabo will play an important role in the future treatment of RCC, predominantly in the third line setting and we see EXEL shares presently fairly valued at ~$6. Maintaining Market Perform Rating."

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 $5.49 yesterday.

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