EXEL - Exelixis drops quickly on day four of Cabometyx patent trial (update)

Update 1:08pm Updates shares, adds Suntrust analyst comment. Exelixis (NASDAQ:EXEL) plunged 11% during day four of the  Cabometyx patent trial. The judge in the case appeared to telegraph that he will find that the 776 patent, which goes to October 2030, won't be infringed so MSN wins on this count, traders said, citing comments at the court hearing. On the 473 patent, the judge appeared to indicate he will find it valid, with EXEL winning with that patent going until August 2026, according to traders. Truist analyst Asthika Hoonewardene said EXEL investors should "buy in this dip" and that the firm's expert call anticipated that the EXEL would lose the '776 patent, though will likely win in their second wave of IP defense on the '439 and '440 patents. "This should preserve Cabometyx IP to 2030,"  Hoonewardene, who has a buy rating and $35 price target on EXEL, wrote in a note on

For further details see:

Exelixis drops quickly on day four of Cabometyx patent trial (update)