2 Big Reasons Exelixis, Inc. Added $626 Million to Its Market Cap in August

2 Big Reasons Exelixis, Inc. Added $626 Million to Its Market Cap in August

Shares of Exelixis (NASDAQ: EXEL), a biotech company primarily focused on developing drugs to treat cancer, rallied more than $2 per share during the month of August, according to data from S&P Global Market Intelligence, adding $626 million to Exelixis' market cap in the process. The reasons for the move? Look no further than the company's second-quarter earnings report and its recent supplemental new drug application (sNDA) filing for Cabometyx with the Food and Drug Administration (FDA).

Arguably the biggest catalyst for Exelixis in August was the early month release of its second-quarter earnings results. The report continued to show that demand for Cabometyx, the company's lead drug, is expanding at a rapid pace. For the quarter, Cabometyx generated $80.9 million in sales as a treatment for second-line renal cell carcinoma (RCC), and an additional $7.1 million as an advanced medullary thyroid cancer treatment under the brand-name Cometriq. Exelixis also recognized $11 million in collaboration revenue, working out to $99 million in sales for the quarter. This strong sales growth allowed Exelixis to top Wall Street's profit expectations by $0.02 per share.

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Source: Fool.com