Beacon Equity Research: Exelixis (EXEL) Earns Favorable Results from Phase 3 EXAM Trials
Exelixis Inc. was trading nearly 24% higher at the start of today’s trading session. The stock is surging on favorable phase 3 clinical trial news and EXEL plans to follow-up with the FDA in the near future. EXEL reported top-line results from the ongoing phase 3 clinical trial of cabozantinib in patients with advanced medullary thyroid cancer, known as the EXAM trial. The trial met its primary endpoint of improving progression-free survival (PFS) compared with placebo and substantially exceeded the threshold of a 75% increase in PFS originally assumed when the trial was designed. Cabozantinib significantly improved median PFS by…