Exelixis Inc (EXEL)

Shares of Exelixis, Inc. (EXEL) dropped by 8.81% from $21.11 to $19.25 in the trading on Monday, October 23, 2023. The reason why EXEL stock down is due to the company's announcement on detailed results from its Phase 3 CABINET pivotal evaluating Cabozantinib in advanced neuroendocrine tumors:

• The CABINET trial achieved its primary objective, showing significant improvements in median progression-free survival (PFS) for patients with advanced pancreatic neuroendocrine tumors (pNET) and extra-pancreatic NET (epNET).
• The trial was halted early due to the remarkable efficacy observed during an interim analysis, with consistent safety profiles.
• Exelixis plans to discuss these findings with the FDA to potentially offer a new treatment option for patients with these challenging cancers. Investors' cautious response to this news led to the decline in Exelixis, Inc.'s stock price.