J.P. Morgan Provides Color On Exelixis (EXEL)

J.P. Morgan provided color on Exelixis EXEL in a research report published today. J.P. Morgan has previously given Exelixis a Neutral rating. In the report, J.P. Morgan states, "EXEL provided an encouraging update Wed evening from the Phase 2 trial evaluating cabozantinib (formerly XL184) in castrate resistant prostate cancer (CRPC) at the ASCO-GU meeting in Orlando. The data substantiate the results first reported last Nov, and most impressively, cabo continues to demonstrate an unprecedented ability to rapidly resolve bone lesions in metastatic patients. So we do consider this growing dataset to be quite compelling, and our bias on EXEL is to the upside. That said, there are some important unanswered questions that keep us on the sidelines at current levels, including the durability of cabo's effects and the highly uncertain regulatory timelines (likely ranging from 2+ to 5+ years)." Shares of Exelixis were trading at $11.00 in pre-market trading at the time of posting, up 11.22% from Thursday's market close.