Exelisis launches phase III trial for thyroid cancer drug, prompting outperform from Oppenheimer
Biotech Exelisis Inc (NASDAQ:EXEL) has launched a pivotal late stage clinical trial of Cometriq (cabozantinib) for thyroid cancer, which has prompted an outperform rating from broker Oppenheimer.
The brokerage targets $40 a share for the stock, which is more than double the current share price of $17.27.
Radioiodine-refractory differentiated thyroid cancer (DTC) is a disease, which has a growing unmet need, notes Oppenheimer analyst Leah Rush Cann, who added that results for Cometriq had been encouraging so far.
The Phase III trial called COSMIC-311 is a multicenter, randomized, double-blind, placebo-controlled phase study that aims to enroll around 300 patients at approximately 150 sites around the world.
Oppenheimer expects that the firm will continue to develop its commercial drugs, Cabometyx and Cometriq, while its partner Genentech will continue to develop Cotellic.
FDA approval for Cabometyx for hepatocellular cancer (HCC) is anticipated in early January 2019.
“We estimate that Cabometyx sales, including additional indications, will increase to $1,219.0 million in 2022 and account for 83.6% of revenue,” said the analyst.
“We estimate that Cometriq sales will increase to $60.3 million in 2022 and account for 4.1% of revenue”
“Collaboration and royalty revenue is expected to increase to $178.1 million in 2022,” Rush Cann added.
Earlier, Dr Marcia Brose, of the University of Pennsylvania, and principal investigator of the trial, said: “With the incidence of thyroid cancer increasing more rapidly than any other type of cancer in the U.S., and limited options available to patients whose disease has progressed following anti-VEGFR therapy, there is an urgent need for new treatments.”
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/206612/exelisis-launches-phase-iii-trial-for-thyroid-cancer-drug-prompting-outperform-from-oppenheimer-206612.html
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