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Fly News Breaks for February 27, 2020
Feb 27, 2020 | 12:21 EDT
Piper Sandler analyst Edward Tenthoff lowered the firm's price target on Exelixis to $23 from $35 and reiterates an Overweight rating on the shares. Slowing sales growth and faster operating expenditure growth brought the analyst's non-GAAP earnings per share estimate to decline from $1.16 in 2019 to 44c in 2020 and 33c in 2021. However, he anticipates positive data could lead to cabozantinib label expansions and reaccelerate product sales growth in 2021.