Exelixis initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Exelixis with a Buy rating and $28 price target. Exelixis is a genomics-based drug discovery company specializing in the design and development of novel targeted therapeutics in oncology, the analyst tells investors in a research note. The firm says beyond additional pipeline indications for cabozantinib, Exelixis also possesses a “deep and diversified” pipeline of additional assets being developed across various cancer types and in combination with multiple other agents.