Exelixis, Inc. (NASDAQ:EXEL) announced that data from clinical trials of cabozantinib and cobimetinib will be the subject of 15 presentations at the European Society for Medical Oncology (ESMO) 2016 Congress in Copenhagen, October 7 – 11, 2016.
Detailed results from CABOSUN, a randomized phase 2 clinical trial of cabozantinib compared with sunitinib in patients with previously untreated advanced renal cell carcinoma (RCC), will be presented at ESMO as a late-breaking abstract in the Genitourinary Tumours, Non-Prostate oral presentation session on Saturday, October 8. Additional poster presentations will detail the investigation of cabozantinib in other cancer settings, including in combination with nivolumab in metastatic urothelial carcinoma and other genitourinary cancers, as well as the evaluation of cobimetinib in combination studies across multiple tumor types.
“This year’s ESMO Congress provides Exelixis and our partners with the opportunity to present data across a broad spectrum of cancers and potential treatment combinations,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “We look forward to the first presentation of the CABOSUN data, which will provide more detail about the statistically significant and clinically meaningful improvement in progression-free survival for cabozantinib in patients with advanced renal cell carcinoma in the front-line setting. Our focus remains on further examining the potential of our therapies and moving these medicines through clinical development so they are available to patients and physicians as quickly as possible.” (Original Source)
Shares of Exelixis closed yesterday at $11.04, up $0.06 or 0.55%. EXEL has a 1-year high of $11.74 and a 1-year low of $3.55. The stock’s 50-day moving average is $9.55 and its 200-day moving average is $6.27.
On the ratings front, Exelixis has been the subject of a number of recent research reports. In a report issued on August 29, Leerink Swann analyst Michael Schmidt reiterated a Buy rating on EXEL, with a price target of $12, which implies an upside of 8.7% from current levels. Separately, on August 4, Stifel Nicolaus’ Stephen Willey maintained a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Schmidt and Stephen Willey have a total average return of 11.8% and 19.5% respectively. Schmidt has a success rate of 57.1% and is ranked #243 out of 4129 analysts, while Willey has a success rate of 52.7% and is ranked #126.
Overall, one research analyst has assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $12.00 which is 8.7% above where the stock closed yesterday.
Exelixis, Inc. is a biopharmaceutical company, which engages in the developing and commercializing small molecule therapies for the treatment of cancer. Its brands include COMETRIQ and cobimetinib. The company focuses on their proprietary resources and development and commercialization of cabozantinib.