Piper Jaffray Reiterates Overweight on Exelixis (EXEL)

Piper Jaffray is out with its report on Exelixis EXEL, reiterating Overweight. In a note to clients, Piper Jaffray writes, "Bloomberg reported after the close that Exelixis has retained Goldman Sachs to field potential takeover offers around cabozantinib data at ASCO in early June. Exelixis has submitted 4 abstracts for ASCO in June including an overall update of the Phase II randomized discontinuation trial, as well as the full CRPC cohort on 170 patients, additional ovarian cancer and renal cell carcinoma data. We still expect pivotal Medullary Thyroid Cancer data in 1H:11 potentially offering the first approval for Cabo in 2012. We estimate Exelixis now holds $436 million in pro forma cash to fund development of Cabo. We reiterate our Overweight rating and $13 price target based on a projected enterprise value of $1.5 billion plus YE:11E net cash." At the time of posting, shares of EXEL were trading pre-market at $12.30, up 11.31% from Friday's close.