Analysts, Physicians Positive on FDA Approval of Exelixis' (EXEL) Cabozantinib into Meeting

Exelixis, Inc. (Nasdaq: EXEL) is ticking lower amid sentiment from a Bloomberg First Word survey showing positive sentiment behind FDA approval of its thyroid cancer drug.

According to BFW, which took into account the opinion of three physicians and four analysts, Exelixis’s medullary thyroid cancer candidate cabozantinib is likely to get a favorable FDA decision on November 29th. Odds are as follows:

* Jefferies at 80 percent;
* Piper Jaffray at 80 percent;
* Cowen at 70 percent; and
* Lazard at 75 percent to 85 percent.

Holtorf Medical Group's Dr. Kent Holtorf said data looked "very reassuring" and more promising for patients than any other alternatives. He notes that it will be exciting for physician's, which will now be able to offer something to patients upon approval.

Current estimates have cabozantinib with U.S. sales approaching $122 million in 2020, though estimates vary widely.

Piper Jaffray's Ed Tenthoff warns that investors might try to sell the news following the FDA decision on November 29th.

Lazard's Biren Amin sees Exelixis at $6 to $7 upon approval, or $4 to $5 if rejected.

Exelixis shares are down 0.4 percent in late trading Monday.

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