No FDA advisory meeting for Exelixis a positive, says Citi

Citi keeps a Buy rating on Exelixis (EXEL) with a $38 price target after the company announced that it has been notified by the FDA that the application for Cabometyx for the treatment of previously treated advanced pancreatic neuroendocrine tumors and advanced extra-pancreatic neuroendocrine tumors will no longer be a subject of discussion at the March oncologic drugs advisory committee meeting. “While no specific information on the catalyst has been disclosed, we view the shift as positive,” the analyst tells investors in a research note. The firm expects the FDA determined there is no need for the panel given the strength in Cabometyx’s CABINET dataset. The firm highlights that the FDA action date remains scheduled for April 3.