Stifel Nicolaus Initiates Exelixis at Hold

Stifel Nicolaus is out with its report today on Exelixis EXEL, initiating EXEL at Hold. In its report, Stifel Nicolaus writes, "We are initiating coverage of Exelixis, Inc. with a Hold rating and $8 current fair value. In our opinion, cabozantinib, Exelixis' lead product, is an active agent for the treatment of prostate cancer and its related bone complications. However, the degree of this activity, related-adverse event profile, and eventual commercial positioning are yet to be fully characterized. As such, we would wait for further definition of cabozantinib's profile before becoming more positive on Exelixis' shares." At the time of posting, shares of EXEL were trading at $6.91, up 1.32% from Tuesday's close.