Piper Jaffray Maintains Neutral, $5 PT on Exelixis

Piper Jaffray reiterates its Neutral rating and $5 price target on Exelixis, Inc.

as company highlights plans to maximize its opportunity in castrate resistant prostate cancer. Piper Jaffray comments, “Exelixis intends to conduct 2 pivotal CRPC studies with bone pain and overall survival (OS) data by 2014. Exelixis signed a CRADA with the NCI's Cancer Therapy Evaluation Program (CTEP), funding up to 20 clinical trials of cabozantinib for each of 5 years. We look for continued news and data flow on Cabo throughout 2012 including an NDA submission in metastatic thyroid cancer (MTC) in 1H:12 and full EXAM data likely at ASCO in June.” EXEL closed at $4.54 per share on Thursday.