While most of its biotechnology peers floundered in 2016, Cinderella stock Exelixis (NASDAQ:EXEL) has treated investors to a stunning 200% gain so far this year. Its lead drug, Cabometyx, also branded as Cometriq, spent years generating lackluster sales as a rare thyroid cancer treatment. Many never imagined it would dance at the big ball after it flopped in a big prostate cancer trial years ago.
Bibbidi-bobbidi-boo! An approval for kidney cancer on the back of stellar data gave Exelixis a nearly magical market makeover, but competition with a rising star from Bristol-Myers Squibb (NYSE:BMY) remains a concern.
