J.P. Morgan Maintains Neutral on Exelixis

J.P. Morgan is out with its report today on Exelexis EXEL, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We are maintaining our Neutral rating on EXEL following a tumultuous ASCO meeting. On the positive side, we are increasingly impressed by the striking bone met effects of cabozantinib with each incremental data update, and we gathered promising physician feedback on the CRPC data. However, that optimism is somewhat offset by an increasingly competitive prostate cancer landscape that further muddies the optimal regulatory path (and commercial outlook) for cabo in our view, and to a lesser extent by safety concerns that could linger as an overhang." J.P. Morgan maintains a $10 PT on EXEL. Shares of EXEL closed Tuesday at $9.76, up 12.31% from Monday's close.