Wednesday, September 28, 2016 1:36:53 PM
September 28, 2016 1:17 PM EDT
Leerink Partners analyst Michael Schmidt is out in defense of Exelixis (NASDAQ: EXEL) amid today's sell-off following publication of ESMO poster abstracts. Specifically, abstract (773PD) includes updated data from a previously presented Phase Ib trial evaluating the combination of axitinib (Inlyta) with pembrolizumab showing a 67% response rate in 1L RCC which appears to have sparked competitive concerns for EXEL. In addition, preliminary data from the dose escalation part of EXEL's CaboNivo Ph I trial in patients with refractory metastatic urothelial carcinoma (mUC) and other genitourinary (GU) tumors look very preliminary to us (774PD). Lastly, a Phase II trial of cabozantinib (787P) indicates single agent activity of Cabo in relapsed/refractory metastatic urothelial carcinoma (mUC).
Schmidt commented, "While the Ph I response rate of axitinib + pembro in abstract 773PD looks promising, we think it's highly premature to draw conclusions at this point on Cabometyx' market opportunity or potential in RCC. Our current Cabometyx estimates and EXEL PT reflect sales assumptions for Cabo in 2L and 3L RCC (the currently approved indications) with only modest contribution in poor-risk 1L RCC patients based on results from CABOSUN (to be presented at ESMO), (LINK). Reiterating OP rating based on our thesis that Cabometyx is well positioned to capture market share in the treatment of RCC, while Street expectations for Cotellic (approved in BRAF+ melanoma) are still only modest and could drive significant value long-term. Potential label extension opportunities for Cabo - e.g., in liver cancer (HCC) where a Phase III trial is ongoing or potentially in other cancer types could drive further upside not yet reflected in the stock."
The firm maintained an Outperform and price target of $15.00
For an analyst ratings summary and ratings history on Exelixis click here. For more ratings news on Exelixis click here.
Shares of Exelixis closed at $15.48 yesterday.
http://www.streetinsider.com/Analyst+Comments/Leerink+Partners+Says+Exelixis+(EXEL)+Sell-Off+on+ESMO+Abstracts+Overdone/12080019.html
Recent EXEL News
- Exelixis Announces Final Results from Phase 3 Pivotal CABINET Study Evaluating Cabozantinib in Advanced Neuroendocrine Tumors Presented at ESMO 2024 and Published in New England Journal of Medicine • Business Wire • 09/16/2024 12:45:00 PM
- Exelixis Presents Final Overall Survival Results from Phase 3 CONTACT-02 Pivotal Study Evaluating Cabozantinib in Combination with an Immune Checkpoint Inhibitor in Metastatic Castration-Resistant Prostate Cancer at ESMO 2024 • Business Wire • 09/15/2024 12:45:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 11:07:07 PM
- Exelixis to Webcast Fireside Chats as Part of Investor Conferences in September • Business Wire • 08/28/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 11:35:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 12:18:41 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 11:12:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/14/2024 09:01:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/12/2024 11:22:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 11:32:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 11:32:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 11:32:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 11:31:50 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/09/2024 09:20:25 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/09/2024 09:18:37 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/08/2024 09:42:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 08:17:47 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 08:13:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 08:11:54 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/06/2024 09:03:37 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 08:18:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:08:46 PM
- Exelixis Announces Second Quarter 2024 Financial Results and Provides Corporate Update • Business Wire • 08/06/2024 08:05:00 PM
- Exelixis Announces U.S. Food and Drug Administration (FDA) Accepted the Supplemental New Drug Application for Cabozantinib for Patients with Advanced Neuroendocrine Tumors • Business Wire • 08/06/2024 12:30:00 PM
- Exelixis to Release Second Quarter 2024 Financial Results on Tuesday, August 6, 2024 • Business Wire • 07/23/2024 08:05:00 PM
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