Why Exelixis Stock Broke Down in October

Shares of cancer specialist Exelixis (NASDAQ: EXEL) dropped by 12.6% in October, according to data from S&P Global Market Intelligence. 

Why did investors hit the exits last month? Despite a strong month for biotech stocks in general, Exelixis' shares were essentially trading sideways over the course of October -- that is, up until the company reported its third-quarter earnings after the bell on Oct. 30. Shares promptly dropped by 10% during the next day's trading session.   

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Source Fool.com