Exelixis (EXEL) PT Lowered to $30 at Needham & Company

Needham & Company analyst Chad Messer lowered the price target on Exelixis (NASDAQ: EXEL) to $30.00 (from $33.00) while maintaining a Buy rating.

The analyst commente, "Exelixis reported $191.8M in US Cabo sales in 3Q:19, a 1% decrease Q/Q. While below expectations, the miss was due to market dynamics that we believe are ultimately favorable to Cabo. Importantly, Cabo remains the market-leading TKI in RCC and sales in both RCC and HCC are expanding. We believe Cabo has a well-positioned development plan focused on checkpoint inhibitor (CPI) combinations across multiple tumor types beyond RCC and HCC. We maintain our Buy rating."

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