Jefferies Reiterates Hold Rating, $6 PT for Exelixis

In a company update published earlier today, Jefferies & Company, Inc. reiterated its Hold rating and $6.00 price target for Exelixis, Inc. EXEL, related to the recent reveal of cabo NRE efficacy data. Jefferies went on to say “The cabo NRE data, somewhat key for the mCRPC outlook and presented at ASCO, left much to be desired. Despite somewhat intriguing early data in renal and liver cancers for which further exploration is warranted, we remain concerned about cabo's clinical, regulatory and commercial prospects in mCRPC, where investor and EXEL's focus lies.” Exelixis, Inc. closed yesterday at $4.77.