Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and $15 price target on Exelixis (NASDAQ: EXEL) after the company reported positive CABOSUN data to be presented as a late breaker at ESMO later today.

Schmidt commented, "Overall, the data looks clearly statistically and clinically significant in terms of p-value and hazard ratio and we would expect a high approval probability in moderate and poor risk front-line treatment of renal cell carcinoma (RCC), representing roughly 80% of the annual incidence based on the published literature."

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Shares of Exelixis closed at $12.95 yesterday.