Morningstar - Exelixis Inc. (EXEL) Relaunching Coverage of Exelixis at a $12 Fair Value Estimate; Shares Trading at a 30% Premium

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Morningstar

Kelsey Tsai

EUR 147.86 For Business Accounts Only

Relaunching Coverage of Exelixis at a $12 Fair Value Estimate; Shares Trading at a 30% Premium

We are relaunching coverage of Exelixis, a company centered around its lead cancer drug cabozantinib. We raised our fair value estimate to $12 from $5 per share for the no-moat, stable trend firm. The increase was primarily driven by updated pricing and market share assumptions for cabozantinib in kidney cancer, in addition to more favorable tax assumptions. Shares are currently trading at a 30% premium to our fair value estimate, and we think the market is overlooking the risk associated with Â ...

19/12/2016 13 EN

Underlying

Exelixis Inc.

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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US30161Q1040 NASDAQ Stock Market United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Kelsey Tsai

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Relaunching Coverage of Exelixis at a $12 Fair Value Estimate; Shares Trading at a 30% Premium

Vital Signs: Actionable charts

Vermilion Short Shots: Technically Vulnerable Stocks

Vermilion Compass: Weekly Equity Strategy

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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