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Piper says time to buy shares of Exelixis

Piper Jaffray believes it's time to buy shares of Exelixis with the stock down 56% from the close on March 25. Piper thinks shares at current levels have "washed out" cabozantinib in castration-resistant prostate cancer. It reiterates an Overweight rating on Exelixis with an $11 price target.