Exelixis CABINET data support potential label expansion, says Citi

After Exelixis announced final results from the pivotal Phase 3 CABINET study of cabozantinib for the treatment of advanced neuroendocrine tumors, or NET, at the ESMO Congress, Citi contends that the updated data – which show continued improvement in progression-free survival, as well as supporting data across all clinical subgroups examined – support potential label expansion to include NET by the PDUFA date of April 3, 2025. The firm has a Buy rating and $31 price target on Exelixis shares.