INCY - Is Exelixis a Buy?
Exelixis (NASDAQ: EXEL) is trading at a bargain price after the market sell-off caused by the COVID-19 pandemic. The biotech stock dropped over 15% from its high of $22.06 in February, now trading around $18. Year to date, the biotechnology stock is up 4.14%, outpacing the Virtus LifeSci Biotech Products ETF (down 7.78%) and S&P 500 (down 13.68%).
Investors may want to know what's driving the stock higher after the market meltdown. Its business had an incredible year in 2019 -- generating more than $1 billion in global net revenues -- driven by success and expansion of its cabozantinib franchise for the treatment of kidney cancer, liver cancer, and medullary thyroid cancer.
With the rise of uncertainty in the market, can Exelixis investors expect to outperform both the broader market and the biotech sector?