Here's Why Exelixis Stock Is Dropping Today
Shares of Exelixis (NASDAQ: EXEL), an oncology-focused biopharmaceutical company, started sliding Monday in response to a disappointing clinical trial readout. Investors responding to results that weren't quite good enough have shaved 20.1% from the stock's price as of 11:30 a.m. EDT.
Along with collaboration partner Ipsen (OTC: IPSEY), Exelixis announced top-line results from the Cosmic-312 trial, which evaluates the use of cabozantinib in previously untreated liver cancer patients. This kinase inhibitor is approved as Cabometyx to treat liver cancer patients who have already relapsed following standard treatment, and is the company's only source of revenue right now.
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Source Fool.com
