Exelixis shares surge 47% as kidney cancer drug trial yields positive results
Shares of biotech Exelixis Inc. surged almost 50% in premarket trade Monday, after the company reported positive results in a late-stage trial of a kidney cancer drug. Exelixis said the phase 3 trial comparing cabozantinib to everolimus in 658 patients with metastatic renal cell carcinoma met its primary endpoint. Cabozantinib reduced the risk of disease progression or death by 42 percent compared to the everolimus arm, the company said in a statement. Kidney cancer is one of the top ten most common forms of cancer among men and women, according to the American Cancer Society. Exelixis shares are up 171% in the year so far, while the S&P 500 has gained 3.3%.
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