Exelixis' FVE Increase to $28 Per Share Boosted by Positive Cabo News
We are raising our fair value estimate to $28 per share from $20 after a positive interim read-out of Exelixis’ pivotal trial evaluating cabozantinib in second-line advanced hepatocellular carcinoma, or HCC. Our fair value increase is driven by our increased probability of approval for the company’s lead drug in HCC, as well as our updated expectations for the drug in frontline renal cell carcinoma, or RCC. The company now has priority review status for cabozantinib in frontline RCC based on ste...Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.
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