Exelixis (NASDAQ: EXEL) ceased to be a clinical-stage biotech years ago, but its stock still behaves like one. Positive data last summer sent shares of the stock soaring. Despite a lack of catastrophic news, most of those gains have been given back, as it’s been swept along with the rest of the Nasdaq Biotechnology Index. Since the beginning of the year, Exelixis’ stock has lost more than 30%, despite a string of generally positive developments.
Over the past year the S&P Pharmaceuticals ETF has taken an even tougher beating than biotechs. As the ETF’s third largest holding, Bristol-Myers Squibb (NYSE: BMY) has shown some impressive buoyancy.
