Exelixis stock flirted with a breakout point Tuesday after the small-cap biotech unveiled “yet another strong quarter” late Monday, driven by a 25% beat in sales of cancer drug Cabometyx.
On the stock market today, Exelixis stock rose as much as 7.3% to a 17-year high at 24.85, but closed up just 1 cent to 23.16. Shares briefly topped a buy point at 23.59 out of a cup that began forming in late February.
Leerink analyst Michael Schmidt raised his 2017 expectations for Cabometyx sales to $293 million from his earlier view for $277 million.
