Jefferies analyst Akash Tewari raised the firm’s price target on Exelixis to $33 from $30 and keeps a Buy rating on the shares after a judge ruled that MSN infringed Exelixis’ ’30 polymorph patents and believes the asserted claims for all four patents included are valid. In addition to every year of extra intellectual protection for Cabometyx becoming $1B in free cash flow, with the ruling today, the firm thinks investors will likely start doing more work on zanza and other pipeline assets, the analyst noted.
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