Information Provided By:
Fly News Breaks for January 3, 2017
RHHBY, EXEL
Jan 3, 2017 | 07:34 EDT
Leerink analyst Michael Schmidt remains bullish on Exelixis in 2017 and expects continued strong U.S. sales growth of Cabometyx in renal cell carcinoma while several label extension opportunities as well as Roche's (RHHBY) IO strategy for Cotellic are key sources of upside to the current valuation. The analyst reiterated an Outperform rating on Exelixis' stock and raised his price target on the shares to $20 from $16 to reflect his more bullish stance on Cabometyx label extension opportunities, as well as incrementally higher Cotellic profit share estimates following recently announced plans by Roche to initiate additional Phase 3 trials.