Exelixis, Inc. (NASDAQ: EXEL)
Exelixis is having an incredibly strong day in the market today, and for good reason. The company announced incredibly positive trial results surrounding its lead candidate. Today, we’ll talk about the results, how the market reacted to the news, and what we can expect to see from EXEL moving forward. So, let’s get right to it…
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EXEL Releases Strong Trial Results
As mentioned above, Exelixis is having an incredibly strong day in the market today after releasing strong trial results. The company, in partnership with Ipsen, has been working on a treatment for advanced kidney cancer. The treatment being developed at the moment is called CABOMETYX. The company announced today that the trial results were, indeed, positive. Through the trial, the treatment showed a clinically meaningful benefit for people that are currently dealing with bone metastases. While EXEL did not offer much by way of details, it did say that it would be providing a presentation with the results at the annual meeting of the American Society of Clinical Oncology in Chicago relatively soon. In a statement, Bernard Escudier, M.D., Chairman of the Genitourinary Oncology Committee at Institut Gustave Roussy, had the following to offer:
“Patients whose kidney cancer has spread to their bones traditionally have a poorer prognosis and worse treatment outcomes compared with those who do not have bone involvement… CABOMETYX demonstrated a clinically meaningful benefit for those with bone metastases, which is encouraging for physicians and patients who are seeking additional therapeutic options.”
How The Market Reacted To The News
When it comes down to it, the news ultimately moves the market. When a publicly-traded company releases positive news, especially news as positive as strong clinical trial results, we can expect to see gains in the value of the stock associated with the company. In this case, the news that’s currently surrounding EXEL is overwhelmingly positive. The company’s lead candidate is showing promising results with regard to bone metastases, which is exciting for those in the field of clinical oncology. As a result, we’re seeing strong gains in the value of the stock today. Currently (11:08), the stock is trading at $7.28 per share after a gain of $0.69 per share, or 10.47%, thus far today.
What We Can Expect To See From EXEL Moving Forward
Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from Exelixis. At this point, the company has invested quite a bit of time and money into CABOMETRYX. Fortunately, recent trial results show that the investments made are likely to pay off. Currently, there are very few treatment options with regard to treating bone metastases caused by kidney cancer. However, the treatment being studied by EXEL is showing clinically meaningful improvements in consumers suffering with the condition. As a result, the company will continue trials, and, likely, work its way to a New Drug Application with the United States Food and Drug Administration surrounding the treatment relatively soon. All in all, things are looking overwhelmingly positive.
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What Do You Think?
Where do you think EXEL is headed moving forward and why? Join the discussion at the new TalkTRENDZ!
[Image Courtesy of Wikimedia]