Why Exelixis Stock Is Trading Lower Today
Portfolio Pulse from Ryan Gustafson
Exelixis, Inc. (NASDAQ:EXEL) shares dropped after the company announced detailed results from its Phase 3 CABINET pivotal trial evaluating Cabozantinib in advanced neuroendocrine tumors. The results showed 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. 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.
October 23, 2023 | 7:22 pm
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Exelixis shares dropped after the company announced results from its Phase 3 trial of Cabozantinib. The company is also set to report Q3 financial results on Nov. 1.
The drop in Exelixis shares is likely due to the announcement of the Phase 3 trial results. While the results showed potential, it may have not met investor expectations, leading to the drop in share price. The upcoming Q3 financial results could also be influencing investor sentiment.
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