After Cowen & Co. and Needham gave Exelixis (NASDAQ: EXEL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Leah R. Cann maintained a Buy rating on Exelixis today and set a price target of $40. The company’s shares closed yesterday at $16.76.
Cann wrote:
“Today’s approval by the in hepatocellular cancer is in line with expectations. Our current outlook for Cabometyx does not include any sales outside of the US for and this approval of Cabometyx could provide upside to our outlook for Cabometyx sales in the HCC setting. We are not making any adjustments to our outlook until the launch is underway. In addition, the $40 million milestone is not currently included in our collaboration revenue. We believe the most important event for Cabometyx in HCC is FDA approval, which is expected by mid-January 2019.”
According to TipRanks.com, Cann is a 2-star analyst with an average return of -0.1% and a 38.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Currently, the analyst consensus on Exelixis is a Strong Buy with an average price target of $29.60, implying a 76.6% upside from current levels. In a report issued on November 2, Cowen & Co. also maintained a Buy rating on the stock.
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The company has a one-year high of $32.20 and a one-year low of $13.42. Currently, Exelixis has an average volume of 3.76M.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2018, Gisela Schwab, the Pres, Prod Dev & Med Aff & CMO of EXEL bought 50,000 shares for a total of $275,500.
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Exelixis, Inc. is a biopharmaceutical company, which engages in the development, commercialization, and discovery of new medicines for the treatment of cancer. It offers products under the brands of Cometriq, Cabometyx, and Cotellic.
