William Blair Maintains Outperform On Exelixis Following Release Of Top-Line Results Of The COMET-1 Trial

In a research report issued yesterday, William Blair analyst John Sonnier maintained an Outperform rating on Exelixis (NASDAQ:EXEL). No price target provided. Exelixis announced the top-line results from the COMET-1 trial, which was designed to evaluate cabozantinib in the metastatic castration-resistant prostate cancer (mCRPC) setting. The study did not meet its primary endpoint of statistical significant improvement in overall survival (OS).

Sonnier observed, “We note that the OS assumption during the design of the trial for the prednisone arm was roughly 7 months. In addition, given the trial was event-driven, the announcement occurred a couple of months ahead of our expectations. The only time-to-event exploratory endpoint that is available at this time is progression-free survival (PFS), which was 5.5 months for the cabozantinib arm versus 2.8 months for the prednisone arm. We highlight that the PFS improvement was highly statistically significant (p value <0.0001) as it underscores our view that cabozantinib is an active agent, despite having failed to achieve the desired effect on OS.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Sonnier has a total average return of 31.7% and a 72.7% success rate. Sonnier has a -54.7% average return when recommending EXEL, and is ranked #455 out of 3253 analysts.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts