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Fly News Breaks for August 16, 2017
BMY, EXEL
Aug 16, 2017 | 05:56 EDT
Bristol-Myers Squibb (BMY) reported "mixed" top-line Phase III CheckMate-214 data on 1,070 front-line metastatic renal cell carcinoma patients, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. He continues to expect a front-line renal cell carcinoma supplemental new drug application for Exelixis' (EXEL) Cabometyx in Q3 with approval next year. Tenthoff anticipates Cabometyx use in front-line RCC expanding the current market opportunity before ultimately showing IO combination benefit. The analyst reiterates an Overweight rating on Exelixis shares with a $29 price target.