UPDATE: Piper Jaffray Downgrades Exelixis to Neutral

Piper Jaffray is out with its report today on Exelixis

, downgrading EXEL to Neutral. In its report, Piper Jaffray writes, "We are downgrading shares of EXEL to Neutral from Overweight and are reducing our price target to $5 from $12 by increasing our discount rate for Cabo in CRPC to 45% from 35% due to the increased regulatory risk of proceeding without an SPA. Additionally, we are pushing out our assumption for Cabo approval in chemo refractory CRPC to 2015 from 2014 since we believe both pivotal studies will be required for approval." At the time of posting, shares of EXEL were trading at $4.72, down 37.89% from Monday's close.