Piper Jaffray Raising Price Target To $12 On Exelixis, Inc. (EXEL)

Piper Jaffray is raising its price target on shares of Exelixis, Inc. EXEL to $12, and is keeping its Overweight rating. In a note to clients, Piper Jaffray writes, "Exelixis presented updated Phase II Prostate Cancer (CRPC) data on wholly-owned cabozantinib (XL184) at the ASCO-GU meeting in Orlando. The poster confirmed and expanded data shown last fall at EORTC and we are confident that XL184 is an approvable drug. Unprecedented improvements in the majority of bone scans (85%) and bone pain (60%) offers the potential for rapid approval by 2013. Based on these data, we are remodeling XL184 in CRPC and increasing our price target to $12." Shares of EXEL are up $1.11 in pre-market trading to $11.00.