Why This Biotech Stock Is Diving Despite In-Line Liver Cancer Results

Exelixis (EXEL) dove to a month-low Wednesday after Phase 3 data showed its liver cancer drug is comparable to a rival medicine from Bayer (BAYRY) — slightly below analyst expectations for better results.

X The results were published late Tuesday before the Gastrointestinal Cancer Symposium set to begin Thursday. Exelixis was testing its drug, Cabometyx, as a second treatment in a liver cancer known as hepatocellular carcinoma.

In the trial, called Celestial, Cabometyx hit a median overall...

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