Piper Jaffray analyst Edward Tenthoff notes that Exelixis presented updated Phase II CABOSUN data in front-line renal cell carcinoma for CABOMETYX versus Sutent with independent radiology review at ESMO. The analyst continues to believe these results support the recently filed sNDA in front-line RCC for cabozantinib. NCCN guidelines were updated to recommend cabozantinib as a front-line therapy for intermediate-to-poor risk RCC patients, he notes. Tenthoff anticipates approval next year to grow product sales to $420M in 2018, and points out that the Phase III CELESTIAL interim analysis for CABOMETYX in liver cancer is expected by year end. The analyst reiterates an Overweight rating and $29 price target on the shares.