UPDATE: Piper Jaffray Reduces PT to $4.50 on Exelixis on Equity Financing Dilution

Piper Jaffray reiterated its Neutral rating on Exelixis (NASDAQ:

) and reduced its price target from $5.50 to $4.50. Piper Jaffray said, "Exelixis raised net proceeds of $120 million by issuing 30 million shares at $4.25 and $250 million from a 4.25% convertible note bringing proforma cash to $665 million. Cabozantinib has a November 29th PDUFA date in medullary thyroid cancer (MTC). Both the COMET-1 and COMET-2 pivotal studies are underway in castrate resistant prostate cancer (CRPC) plus 11 investigator sponsored trials (ISTs) under a CRADA funded by the NCI. … We are trimming our price target to $4.50 from $5.50 to account for dilution from the deals." Exelixis closed at $4.38 on Friday.