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EXEL

Exelixis

$20.53

-0.87 (-4.07%)

06:55
04/25/19
04/25
06:55
04/25/19
06:55

Exelixis: Takeda files NDA in Japan for CABOMETYX

Exelixis announced that Takeda Pharmaceutical, its partner responsible for the clinical development and commercialization of cabozantinib in Japan, has applied to the Japanese Ministry of Health, Labor and Welfare for approval to manufacture and sell CABOMETYX as a treatment for unresectable and metastatic renal cell carcinoma in the country. As a result of the submission, Exelixis will receive a $10M milestone payment from Takeda, anticipated to be received in the second quarter.

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EXEL Exelixis
$20.53

-0.87 (-4.07%)

03/18/19
MSCO
03/18/19
UPGRADE
Target $28
MSCO
Equal Weight
Morgan Stanley sees limited downside risk for Exelixis, upgrades to Equal Weight
As previously reported, Morgan Stanley analyst Jeffrey Hung upgraded Exelixis to Equal Weight from Underweight, citing his view there is limited downside risk for the stock ahead of the cabozantinib/nivolumab data from CheckMate 9ER later this year. Additionally, cabozantinib scripts are looking better in 2019 and Hung sees multiple ways this trend could continue, he tells investors. Hung raised his price target on Exelixis shares to $28 from $20.
03/18/19
MSCO
03/18/19
UPGRADE
MSCO
Equal Weight
Exelixis upgraded to Equal Weight from Underweight at Morgan Stanley
03/01/19
PIPR
03/01/19
NO CHANGE
Target $48
PIPR
Overweight
Exelixis price target raised to $48 from $26 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff raised his price target for Exelixis to $48 after taking a closer look at the company's bottom-line including breaking out non-cash expenses. The analyst projects U.S. Cabometyx sales to grow from $600M in 2018, to $826M in 2019 and $1.07B in 2020. Factoring in a 22% projected tax rate, he forecasts GAAP net income of $300M, or 95c per diluted share, in 2019 to increase to $375M or $1.17, in 2020. Backing out non-cash stock comp and federal taxes, the analyst projects Non-GAAP net income to grow from $431M or $1.37 per diluted share in 2019 to $532M or $1.66 in 2020. Tenthoff reiterates an Overweight rating on Exelixis.
02/25/19
COWN
02/25/19
NO CHANGE
COWN
Exelixis coverage transferred with an Outperform at Cowen
Cowen analyst Yaron Werber assumed coverage of Exelixis with an Outperform rating and $29 price target. Werber noted that, "after strong growth, Cabometyx is facing intense competition that may pressure sales," but the analyst anticipates positive Phase 3 data from CHECKMATE-9ER in the second half of 2019 re-accelerating growth. Werber also believes that "recent strong bids for oncology companies may put Exelixis at play for takeout."

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