Exelixis Shares Fall 5.6% On Earnings And Revenue Miss (EXEL)

Exelixis, Inc. EXEL released financial results on Thursday after the market closed that missed Wall Street estimates and sent the company's share price falling. Exelixis, Inc reported a 3rd quarter net loss of 8 cents per share, on revenue of $54.5 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 6 cents per share, on revenue of $60.93 million. President and chief executive officer Michael M. Morrissey said, “We remained focused on advancing the XL184 clinical program as our top priority throughout the third quarter. Enrollment in the XL184 randomized discontinuation trial has expanded dramatically, which reflects the enthusiasm for the compound in the oncology community. We look forward to presenting this data at the EORTC/NCI/AACR meeting in Berlin on November 18th and detailing our future development priorities at our R&D Day on December 2nd in New York. Our recent transactions with Bristol-Myers Squibb Company for our TGR5, ROR-γ and XL139 programs, which will result in a $60 million upfront payment upon clearance by the antitrust authorities, provide additional momentum and potential resources to advance our focused XL184 development efforts.” Exelixis, Inc. (EXEL) finished the trading day at $4.45 per share, then fell 5.6% to $4.20 during after hours trading. The consensus price target of analysts covering the company's stock is $6.67 per share. Read more from Benzinga's Company news.