Why Exelixis' Rebound Is Just Getting Started

Exelixis (NASDAQ: EXEL) stock had been in the doldrums. After roaring for much of the first eight months of the year, the biotech's share price sank more than 15% during September. All of that is history now.

On Monday, Exelixis stock soared yet again, fueled by not just one piece of good news but two. Exelixis announced that cabozantinib met its primary endpoint of overall survival in a late-stage study evaluating the drug in treating advanced hepatocellular carcinoma (HCC). Also, the Food and Drug Administration granted priority review to Cabometyx (cabozantinib) as a treatment for previously untreated advanced renal cell carcinoma (RCC).

Investors quickly forgot the doldrums of September. Exelixis is now once again a hot biotech stock. I don't expect the heat to cool down anytime soon: Exelixis' rebound is just getting started.

Source: Fool.com