Exelixis price target raised to $29 from $27 at JMP Securities

JMP Securities analyst Silvan Tuerkcan raised the firm’s price target on Exelixis to $29 from $27 and keeps an Outperform rating on the shares. Cabozantinib beat consensus sales, driven by volume and net price increase, Exelixis highlighted the upcoming neuroendocrine tumor opportunity and authorized another $500M buyback, the analyst tells investors in a research note. Resolution of the IP issue should help to correct the valuation, the firm says.