Leerink analyst Michael Schmidt notes that Bristol-Myers (BMY) reported top-line results from the Phase III CheckMate-214 trial investigating Opdivo in combination with Yervoy versus Sutent in intermediate and poor-risk patients with previously untreated advanced or metastatic renal cell carcinoma, or RCC. While directionally positive, the trial missed the co-primary endpoint of improving progression-free survival with statistical significance, he notes, adding that this raises the regulatory bar for Bristol-Myers' IO combination at least until positive overall survival data are available likely in mid-2019, which he thinks will be positively received by Exelixis (EXEL) investors. Following the news, Schmidt believes Exelixis continues to look well positioned in RCC, He reiterates an Outperform rating and $34 price target on the latter's shares.