Piper Jaffray Overweight On Exelixis

Piper Jaffray has an Overweight rating and a $13 price target on shares of Exelixis, Inc.

. In a note to clients, Piper Jaffray writes, "Exelixis has extended the timeline to report pivotal Phase III data for Cabozantinib in metastatic thyroid cancer (MTC) until later this quarter. The push out is the result of having too few progressions to unblind the study, which we read as most likely positive, increasing our confidence that the Phase III trial will read positive. We believe EXEL shares should trade higher on this news. Exelixis expects to begin the 1st of 3 pivotal trials of Cabo in prostate cancer this year and could partner the drug overseas, generating non-dilutive financing." Shares of EXEL gained 9 cents yesterday to close at $9.19.