The Clear Reason Exelixis, Inc. Rocketed Higher by as Much as 10%

The Clear Reason Exelixis, Inc. Rocketed Higher by as Much as 10%

Shares of Exelixis (NASDAQ: EXEL), a mid-cap drug developer with a focus on novel cancer therapies, rocketed higher by as much as 10% during Thursday's trading session after the company reported better-than-expected third-quarter earnings results following the closing bell on Wednesday.

For the quarter, Exelixis reported $96.4 million in net product revenue, which included more than $90 million in net sales from Cabometyx, the company's advanced second-line renal cell carcinoma (RCC) drug, as well as $6.1 million from Cometriq in metastatic medullary thyroid cancer. Collaboration revenue added another $56.1 million, which included two milestone payments adding up to $45 million. The total revenue of $152.5 million for the third quarter was more than double the $62.2 million reported in the year-ago period, and it blew away the $104.9 million estimate from Wall Street.

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Source: Fool.com