Investment Thesis
Exelixis 1-year share price performance. Source: TradingView.
Exelixis (EXEL) stock surged 61% in late April to a price of $26.3 on news that its flagship drug, the tyrosine kinase inhibitor ("TKI") Cabozantinib, had met its primary endpoint in a combination trial alongside Bristol-Myers Squibb's (BMY) best-selling cancer drug Opdivo for previously untreated advanced Renal Cell Carcinoma ("RCC").
The market had gone a little cold on Exelixis since the company's shares traded at an all-time peak (excepting a brief period in 2000) of $30.4 in January 2018, probably due