Exelixis (EXEL $12.17) has hired Goldman-Sachs to deal with potential takeover bids according to stories in Reuters and Bloomberg. Exelixis has a Phase III cancer drug XL184 (cabozantinab) and announced positive Phase 2 interim data for prostate cancer on Feb. 17.
Piper Jaffray also reiterated its overweight today with a price target of $13. The Company submitted 4 Abstracts for presentation of data at ASCO in June. The Company also recently trimmed back its R&D portfolio to focus on the most promising products in the pipeline.
Exelixis was added to the Rayno Biopharma Portfolio on 9/2/10 at a Price of $3.30. The stock is up 34% in 2011.