Brokerages raise PT on Exelixis after favorable court ruling in patent dispute case
16/10/2024 12:28
** Multiple brokerages raise PT on cancer drugmaker Exelixis
EXEL.O
** Co on Tuesday said a U.S. district court ruled in its
favor in a patent dispute litigation trial over its cancer drug
cabozantinib, with MSN Laboratories
** Brokerage Jefferies raises PT on EXEL to $33 from $30,
says "with Cabo being a ~$2 bln+ drug, every year of extra IP
becomes $1 bln in free cash flow"
** Guggenheim raises PT to $32 from $28, estimates peak
sales for the drug to be $2.24 bln to $2.49 bln in 2029, says
ruling protects Cabo from generic entries until January 2030
** Stifel raises PT to $30 from $26, says it views the
"long-awaited/favorable ruling on the MSN litigation as an
incremental positive for EXEL shares"
** 14 of 21 brokerages rate stock "buy" or higher, 6 "hold"
and 1 "sell"; their median PT is $30
** Up to last close, stock up 18.8% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))