Piper Jaffray Reports ASCO Presentation From EXEL

Piper Jaffray is maintaining its Overweight rating and its $13 price target on Exelixis Inc. EXEL in light of the company's presentation at the American Society Of Clinical Oncology conference. According to Piper Jaffray, “Exelixis presented updated Cabozantinib (XL184) data in 3 oral presentations at the American Society of Clinical Oncology (ASCO) meeting in Chicago including an overall update of the Phase II randomized discontinuation trial (RDT), additional ovarian cancer data and the full CRPC cohort. Management hosted an Investor Event last night reviewing the Cabo data and provided an update on the regulatory strategy. We still expect pivotal Medullary Thyroid Cancer (MTC) data this quarter potentially offering the first approval in 2012.” EXEL closed yesterday at $8.69.