Exelixis, Inc. Continued Its Winning Ways and Rose 10% in July Thanks to These 3 Catalysts

Exelixis, Inc. Continued Its Winning Ways and Rose 10% in July Thanks to These 3 Catalysts

Shares of Exelixis (NASDAQ: EXEL), a biotechnology company focused on the development of drugs to treat various types of cancer, moved steadily higher by a cool 10% in July, according to data from S&P Global Market Intelligence. A confluence of catalysts appears to be behind the bullish move.

To start with, on July 10, Bristol-Myers Squibb (NYSE: BMY) and Exelixis announced that they had commenced a phase 3 trial known as CheckMate 9ER that'll evaluate the combination of Bristol-Myers' cancer immunotherapy Opdivo in combination with Exelixis' Cabometyx as a first-line treatment for advanced renal cell carcinoma (RCC) versus the current standard-of-care treatment, Sutent. The study will also examine the combination of Bristol-Myers' Opdivo and Yervoy with Cabometyx in the same indication. Even though Exelixis wowed in the phase 2 Cabosun study in first-line advanced RCC, any added label indications that could grow its market share are a welcome sight for investors.

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Source: Fool.com