Exelixis, Inc. (NASDAQ:EXEL) announced this morning that it has completed the submission of a supplemental New Drug Application (sNDA) to FDA for Cabometyx (cabozantinib) tablets as a treatment for patients with previously untreated (front-line) advanced renal cell carcinoma (RCC). Exelixis reported that the sNDA submission is based on results from the CABOSUN randomized phase 2 trial of Cabometyx in patients with previously untreated advanced RCC with intermediate- or poor-risk disease per the International Metastatic Renal Cell Carcinoma Database Consortium (IMDC). In mid-June Exelixis announced it was on track to complete an sNDA for cabozantinib as a treatment of first-line advanced renal cell carcinoma in the third quarter of 2017.
Exelixis CEO Michael M. Morrissey stated, “All of us at Exelixis are focused on improving care and outcomes for patients with cancer. Having successfully launched CABOMETYX for patients with previously treated advanced RCC, the submission of this sNDA for CABOMETYX as a treatment in the first-line RCC setting represents an important milestone for us […] If approved, CABOMETYX will offer an important new alternative for the treatment of patients with previously untreated advanced RCC, having demonstrated a clinically meaningful and statistically significant progression-free survival benefit over sunitinib, a current standard of care.”
Shares of Exelixis closed today at $26.78, down $0.13 or -0.48%. EXEL has a 1-year high of $28.45 and a 1-year low of $10.04. The stock’s 50-day moving average is $26.28 and its 200-day moving average is $22.49.
On the ratings front, Exelixis has been the subject of a number of recent research reports. In a report released today, Piper Jaffray analyst Edward Tenthoff reiterated a Buy rating on EXEL, with a price target of $29, which represents a potential upside of 8% from where the stock is currently trading. Separately, Oppenheimer’s Leah R. Cann reiterated a Hold rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and Leah R. Cann have a yearly average return of 3.9% and 12.4% respectively. Tenthoff has a success rate of 42% and is ranked #1294 out of 4627 analysts, while Cann has a success rate of 67% and is ranked #586.
Overall, 3 research analysts have assigned a Hold rating and 4 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 $29.33 which is 9.5% above where the stock opened today.
Exelixis, Inc. is a biopharmaceutical company. It engages in the developing and commercializing small molecule therapies for the treatment of cancer. The company brands include comertriq and cobimetinib. Its pipeline consists of cabozantinib, cobimetinib and Xl 888.