- Credit Suisse has initiated Exelixis ( NASDAQ: EXEL ) with an outperform rating saying that its core medicine, Cabometyx (cabozantinib) is ma market leader and has growth potential with its pipeline.
- The firm has a $29 price target (67% upside based on Wednesday's close).
- Analyst Geoffrey Weiner said that based on talks with key opinion leaders, he believes Cabometyx sales could reach $2B by 2025.
- Credit Suisse's modeling values Cabometyx as providing $13/share through 2026, increasing to $23 if competition is held off to 2030.
- In the pipeline, "we believe there are multiple clinical catalysts to drive pipeline interest over the next one to two years," Weiner wrote.
- See why Seeking Alpha contributor Bret Jensen, who has a buy rating on Exelixis, says the biotech is undervalued .
For further details see:
Exelixis rated outperform at Credit Suisse on success of Cabometyx, pipeline