Leerink Swann analyst Michael Schmidt was out pounding the table on Exelixis, Inc. (NASDAQ:EXEL) Tuesday, reiterating an Outperform rating and price target of $10, which represents a potential upside of 32% from where the stock is currently trading.

Schmidt wrote, “Reiterating our OP rating on EXEL as we see upside generated by Cotellic (MEK inhibitor, partnered w/ Roche) based on recent initiation of Phase III trials in colorectal cancer with addl. ongoing Ph I/II studies providing optionality. Our OP rating on EXEL is based on our thesis that recently FDA approved Cabometyx (“Cabo”) is well positioned to capture significant market share in the treatment of renal cell carcinoma (RCC), while expectations for Cotellic (approved in BRAF+ melanoma) are still modest. Today, we are updating our model and price target on EXEL to include probability-adjusted value for the Cotellic opportunity in metastatic colorectal cancer (mCRC) based on recently presented positive Ph Ib data at ASCO and initiation of Ph III trials. Several additional Cotellic combination trials are ongoing which could drive further upside.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Schmidt has a yearly average return of 2.9% and a 52% success rate. Schmidt has a 47.8% average return when recommending EXEL, and is ranked #1026 out of 3977 analysts.

Out of the 5 analysts polled by TipRanks, 4 rate Exelixis stock a Buy, while 1 rates the stock a Hold. With a return potential of nearly one percent, the stock’s consensus target price stands at $7.67.