Exelixis Inc

EXEL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$98.50	Wzm	Qfxzglvl

Increasing FVE for Exelixis to $25.50 Following Strong Combo Data in First-Line Kidney Cancer

Anna Baran

Sep 21, 2020

We are raising our fair value estimate for Exelixis to $25.50 per share following the release of detailed results of the Checkmate 9ER trial testing Exelixis’ cabozantinib in combination with Bristol Myers’s Opdivo in frontline renal cancer. The positive outcome is not a surprise given that the partners announced positive top-line data in April, but a closer look at the detailed results indicates the cabo and Opdivo combination is well positioned to take on Merck’s Keytruda combined with Pfizer’s Inlyta in the frontline setting. We’ve raised our estimates for cabozantinib sales, and we’re maintaining our no-moat rating for Exelixis.

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