Exelixis (EXEL) Stock Gains On Positive Phase 3 Data

Exelixis, Inc. (NASDAQ: EXEL)

Exelixis stock is having an incredible day in the market today after the company announced positive top-line results from it’s phase 3 trial of cabozantinib. The trial compared cabozantinib to everolimus in the treatment of 658 patients who suffer from metastatic renal cell carcinoma and who have experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor. Today, we’ll look at the results of the study and what we can expect to see moving forward.

Phase 3 Trial Results

The trial results reported by EXEL were incredibly positive. By demonstrating a statistically significant increase in progression free survival in the first 375 randomized patients, the trial met its primary endpoint. Ultimately, the trial showed that cabozantinib reduced the patients’ chances of disease progression or death by 42% when compared to everolimus. Following the release of data, Michael M. Morrissey, Ph.D., Exelixis CEO had the following to say.

The positive top-line results from METEOR represent strong progress for the kidney cancer community and for Exelixis, bringing us one step closer to our shared goal of delivering a new and meaningfully differentiated therapeutic option for the many metastatic RCC patients in need… With these data now in hand, Exelixis’ highest corporate priority becomes the submission of U.S. and EU regulatory filings, which we intend to complete in early 2016… Delivering these top-line results for METEOR is one of multiple clinical development and regulatory milestones that we have planned for this year. These milestones collectively have the potential to significantly enhance the opportunities before us and bring value to the multiple stakeholders we serve. We look forward to sharing the detailed results of METEOR with the oncology community at an upcoming medical conference, and we thank all of the patients, families, investigators, and clinical staff who made the trial possible”

What We Can Expect To See Moving Forward

Moving forward, I’m expecting to see more growth from EXEL. The reality is that the Phase 3 study of cabozantinib proved to be a big hit. The results were so positive in fact that EXEL will be looking for FDA approval in the beginning of next year. This is likely to be incredibly profitable down the road.

What Do You Think?

Where do you think EXEL is headed and why? Let us know in the comments below!

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