Exelixis recent weakness a buying opportunity, says Piper Jaffray. After surveying 26 medical oncologists who treat metastatic renal cell carcinoma to gauge the use of Cabometyx and immuno-oncology agents, Piper Jaffray analyst Edward Tenthoff recommends using the recent weakness in shares of Exelixis as a buying opportunity. Not surprisingly, 92% of respondents plan to begin prescribing Opdivo plus Yervoy since approval in April, Tenthoff tells investors in a research note. The analyst, however, is encouraged that 92% of the oncologists surveyed also plan to maintain or increase Cabometyx use in the first-line representing growth opportunity. In addition, Cabometyx is clearly the tyrosine kinase inhibitor of choice in the second-line, the analyst adds. He reiterates an Overweight rating on Exelixis with a $29 price target. Tenthoff believes the survey supports his 2018 Cabometyx sales forecast of $538M.
