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
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/13/2024 08:03:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:05:43 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/08/2024 08:11:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 10:19:20 PM
- Exelixis to Webcast Fireside Chats as Part of Investor Conferences in May • Business Wire • 05/07/2024 08:05:00 PM
- Exelixis Announces First Quarter 2024 Financial Results and Provides Corporate Update • Business Wire • 04/30/2024 08:05:00 PM
- Exelixis to Release First Quarter 2024 Financial Results on Tuesday, April 30, 2024 • Business Wire • 04/16/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:59:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:58:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:58:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:58:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:58:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 11:58:01 PM
- Exelixis to Webcast Fireside Chats as Part of Investor Conferences in March • Business Wire • 02/27/2024 09:05:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/23/2024 11:33:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 10:08:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 12:21:07 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/13/2024 02:19:48 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/06/2024 09:49:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 09:28:36 PM
- Exelixis Announces Fourth Quarter and Fiscal Year 2023 Financial Results and Provides Corporate Update • Business Wire • 02/06/2024 09:05:00 PM
- Exelixis to Webcast Fireside Chats as Part of Investor Conferences in February • Business Wire • 02/01/2024 09:05:00 PM
- Exelixis Announces Detailed Results of Phase 3 CONTACT-02 Pivotal Trial Evaluating Cabozantinib in Combination with Atezolizumab in Metastatic Castration-Resistant Prostate Cancer Presented at ASCO GU 2024 • Business Wire • 01/25/2024 01:00:00 PM
- Exelixis to Release Fourth Quarter and Fiscal Year 2023 Financial Results on Tuesday, February 6, 2024 • Business Wire • 01/23/2024 09:05:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM