+ Watch EXEL
on My Watchlist
A development-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics for the treatment of cancer and other serious diseases.
Exelixis has dropped back down below my buy threshold after reaching recent highs of 8 just a few months ago. The story with Exelixis for years has been balancing the market cap with copious quantities of faith and patience, or lack thereof. The current downward momentum was accelerated by the company's announcement of a 40% reduction in workforce and a restructuring of the pipeline to focus on partnered compounds. For long-time followers of Exelixis, that news is not unwelcome. Exelixis never had problems bringing new compounds into the pipeline, they've just been very slow to progress them. So hopefully a narrowing will be followed by a lengthening. And not to forget, Exelixis has also farmed out XL880 to Glaxo which continues in advanced trials for renal cell carcinoma. Would I continue to hold Exelixis over 7 without positive catalysts? Not on your life. Would I buy Exelixis in reality if it continued dropping below 4.5? Probably.
Bought 3000 shares today at 3.69.
Just sold 3000 shares at 4.7 for a GBMB profit of $3000.
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