UPDATE: Piper Jaffray Color ON EXEL PT Increase

Piper Jaffray, which raised its PT on shares of Exelixis, Inc. EXEL, is providing some color on the stock. Exelixis is now wholly focused on bringing Cabo to the market. We look for pivotal MTC data in 1H:11 with potential Fast Track approval in 2012. Based on a positive signal, CRPC will be the 2nd larger indication. Exelixis will initiate a 150-patient open-label non-randomized expansion study collecting bone scans, bone pain, PFS and overall survival for a potential Subpart H filing as early as next year. Based on this timeline, XL184 could receive expedited approval in metastatic CRPC by 2013. In addition, Exelixis will seek an SPA to begin a 300-patient Phase III randomized composite bone scan/pain endpoint study in 2H:11, as well as a larger Phase III survival study and combination studies next year. Exelixis, Inc. closed Tuesday at $10.55.