Piper Jaffray Still Overweight On EXEL

Piper Jaffray has issued a research report for Exelixis, Inc EXEL, stating: "Wholly-owned XL184 is a potent MET, RET and VEGFR2 inhibitor. We see a broad development plan for XL184 with opportunities in multiple tumor types. We look for 1st potential approval in metastatic thyroid cancer (MTC) in 2012, followed by glioblastoma (GMB) in 2014. XL184 has also shown promising data in 5 other cancers in an ongoing randomized discontinuation trial (RDT) that will report new data at EORTC in November. We believe EXEL shares are attractive based on XL184's blockbuster potential." Piper Jaffray maintains its Overweight rating and $9 price target. Exelixis, Inc. closed Friday at $4.17.