Shares of Exelixis, Inc. (NASDAQ:EXEL) are trading up 7.47% in pre-market trading this morning after the company annouced that they saw positive results from subgroup analyses of their METEOR Phase 3 Trial of their drug Cabozantinib.
The study, which included over 658 patients with renal cell carcinoma and compared Exelixis, Inc.’s (NASDAQ:EXEL) cabozantinib drug with everolimus, ended up showing terrific results for the company.
“These new METEOR subgroup analyses further underscore the potential for cabozantinib to significantly impact the treatment of renal cell carcinoma, an aggressive cancer for which patients and physicians need new options,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “These data were included in our New Drug Application with the U.S. Food and Drug Administration, filed last month, and we intend to include them in our upcoming European Union Marketing Authorization Application, which we expect to submit shortly. Additionally, in 2016 we await the final analysis for METEOR’s overall survival secondary endpoint.”
The stock closed at $5.49 during the last trading session. It is up 59.59% since June 1, 2015 and is uptrending. It has outperformed the S&P500 by 61.72%.
The institutional sentiment increased to 2.15 in Q2 2015. It’s up 1.17, from 0.98 in 2015Q2. The ratio improved, as 23 funds sold all their Exelixis, Inc. shares they owned while 18 reduced their positions. 37 funds bought stakes while 51 increased their total positions. Institutions now own 164.06 million shares which is 39.93% more than the previous share count of 117.24 million in 2015Q2.
Meditor Group Ltd holds 65.29% of its total portfolio in Exelixis, Inc., equating to 22.07 million shares. Longwood Capital Partners Llc owns 1.88 million shares representing 6.11% of their total US portfolio. Moreover, Great Point Partners Llc has 3.53% of their total portfolio invested in the company, equating to 1.59 million shares. The Cayman Islands-based Polygon Management Ltd. has a total of 1.25% of their portfolio invested in the stock. Nea Management Company Llc, a Maryland-based fund reported 2.21 million shares owned.
Since October 13, 2015, the stock had 0 insider purchases, and 2 selling transactions for a total of $2.06 million in net activity. Lamb Peter sold 51,549 shares worth $298,984.
Exelixis Inc. is a biopharmaceutical company. The company has a market cap of $1.25 billion. The Firm is engaged in developing small molecule therapies for the treatment of cancer. It currently has negative earnings. The Firm is focusing on resources development and commercialization of COMETRIQ for the treatment of progressive, metastatic medullary thyroid cancer (MTC) in the United States.