Citi Reiterates Buy Rating on Exelixis (EXEL)

Citi analyst David Lebowitz reiterated a Buy rating and $45.00 price target on Exelixis (NASDAQ: EXEL)

The analyst comments "Today, Exelixis announced that the FDA has approved cabozantinib (brand name Cabometyx) for the treatment of unresectable, locally advanced or metastatic pancreatic neuroendocrine tumors (pNET) and extra-pancreatic NET (epNET) in all patients aged 12 or older. This label expansion now marks the 6th FDA approval for Cabometyx in the US and was based on progression-free survival results in the placebo-controlled Ph3 CABINET trial, which showed a median increase in PFS over placebo of 9.4 months for pNET and 4.5 months for epNET. We had anticipated the approval, which comes after a somewhat circuitous regulatory pathway that saw the FDA schedule and later cancel an Advisory Committee to review the submission. While the approval is certainly a positive for the stock, we note the lack of clarity surrounding the size of the market opportunity in NET, which has generated debate even though there is significant unmet need in the space."

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 $37.71 yesterday.

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