Exelixis, Inc. (NASDAQ: EXEL)
Exelixis is having an incredibly rough day in the market today. As soon as the opening bell rang, the stock started to make a run for the bottom. Throughout the first hour, we’ve seen more of the same movement, bringing the value further and further down. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to EXEL ahead.
What We’re Seeing From EXEL
As mentioned above, Exelixis isn’t having what would be considered to be a strong day in the market today. In fact, the stock has been running on declines all day. As soon as the opening bell rang, the stock started making its way downward, and since, has continued on the trend. At the moment (10:32), EXEL is trading at $15.68 per share after a loss of $0.64 per share (3.92%) thus far today.
Why The Stock Is Falling
As usual, our friends at Trade Ideas were the first to alert us that EXEL was on the move. As soon as they did, the CNA Finance team sprang into action to see exactly what was happening. It didn’t take long to uncover the story. It seems as though sales reports and competition are dragging the stock downward.
Since CABOMETYX was approved, investors have been concerned as it competes with Exelixis’ treatment known as COMETRIQ. Unfortunately, when it comes to sales, CABOMETYX is taking the lead and sending COMETRIQ on a wild ride downward. As a result, we can expect that the treatment will generate less revenue for EXEL. So, investors are pushing the value of the stock downward.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EXEL. In particular, we’ll continue to follow sales reports surrounding COMETRIQ. At the end of the day, the company is going to need to do something here that will pick sales up. We’ll be watching the news closely and bringing it to you as it breaks!
UPDATE: JCO posts this: More bad news hits EXEL just minutes ago!
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[Image Courtesy of Pixabay]