Piper Jaffray Overweight On Exelixis (EXEL)

Piper Jaffray has an Overweight rating on Exelixis, Inc. EXEL and a $9 price target on the stock. In a research report sent to clients, Piper Jaffray writes, "Today at the EORTC meeting in Berlin, Exelixis presented 6 posters on the on-going Phase II randomized discontinuation trial (RDT) of XL184 in multiple cancer types. We were also impressed by the activity seen in ovarian cancer with a 12-week disease control rate of 64%. We believe XL184 is the path forward for Exelixis with a potential O.U.S. partnership and first market approval by 2012." Shares of EXEL gained 33 cents yesterday to close at $4.72, a gain of 7.5%.