Why Exelixis Stock Is Trading Lower Today

Exelixis, Inc. EXEL shares are trading lower on Monday after the company announced detailed results from its Phase 3 CABINET pivotal trial evaluating Cabozantinib in advanced neuroendocrine tumors.
 

What To Know: Exelixis announced the results on Sunday, highlighting that Cabozantinib lowered the risk of disease progression or death in patients with pancreatic NET and in patients with extra-pancreatic NET, compared to the placebo.

"Although progress has been made in recent years, there remains a critical need for new and effective therapies for patients with advanced neuroendocrine tumors. Given that there is no standard treatment for patients with progressive disease, these results showing notable improvements in progression-free survival are highly encouraging for patients and their physicians," said Jennifer Chan, study chair for the CABINET trial and Clinical Director of the Gastrointestinal Cancer Center and Director of the Program in Carcinoid and Neuroendocrine Tumors at Dana-Farber Cancer Institute.

"I am pleased to present these important findings at ESMO today, as they underscore the potential of cabozantinib as a much-needed new treatment option for this disease, which is rising in incidence."

Shares of the stock dropped on Monday in response to the news on unusually high volume. According to data from Benzinga Pro, the stock experienced above-average trading volume of 4.56 million shares on Monday compared to its average volume of 2.27 million.

The company is also set to report third-quarter financial results on Nov. 1, with earnings estimated at 15 cents per share and revenue anticipated to be $472.20 million.

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EXEL Price Action: Shares of EXEL were down 10.0% at $19.00 at the time of publication, according to Benzinga Pro.

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