Leerink analyst Michael Schmidt believes that recently FDA approved Exelixis' (EXEL) Cabometyx is well positioned to capture "significant" market share given its "impressive data and label." The analyst thinks the pending PDUFA date for Eisai's (ESALY) lenvatinib has created an overhang on Exelixis' stock. However, Schmidt says the approval probability of lenvatinib is very low, and if approved, he does not think it would compete with Cabometyx. The analyst reiterates an Outperform rating on Exelixis' stock and raised his price target on the shares to $8 from $7.