Exelixis (EXEL) has had an excellent run in the last three months, gaining more than 96%. Last week, EXEL received another positive news. The company along with Ipsen announced that the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMA) provided a positive opinion for Cabometyx™ (cabozantinib) 20, 40, 60mg for the treatment of advanced renal cell carcinoma (RCC) in adults following prior vascular endothelial growth factor (VEGF)-targeted therapy and recommended it for marketing authorization.
Michael M. Morrissey, Ph.D., President and CEO, said that the positive CHMP opinion for Cabometryx is a significant milestone for the company. Earlier in the year, the EMA validated Exelixis’ Marketing Authorization Application (MAA) for Cabometyx™ (cabozantinib) as a treatment for patients with advanced renal cell carcinoma who have received one prior therapy. Cabometyx™ (cabozantinib) has also been approved by the U.S. Food and Drug Administration (FDA) for the treatment of patients with advanced RCC who have received prior anti-angiogenic therapy.
Despite the run in the last three months, I believe there is further upside in EXEL. My fair value on the stock remains at $12.50.