Why Exelixis Stock Is Skyrocketing Today

Shares of Exelixis (NASDAQ: EXEL) were skyrocketing 25.5% as of 11:12 a.m. EDT on Monday. The big jump came after Exelixis and Bristol Myers Squibb (NYSE: BMY) announced positive top-line results from a late-stage clinical study evaluating a combination of Opdivo and Cabometyx in previously untreated renal cell carcinoma (RCC).

RCC is the most common type of kidney cancer in adults and causes more than 140,000 deaths each year across the world. The highest rates of the disease are in North America and Europe. This translates to a significant market opportunity for a safe and effective new treatment for RCC. Based on the phase 3 results announced today, the Opdivo-Cabometyx combo appears to check off both boxes.

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Source Fool.com