Cabozantinib significantly improved overall survival as compared with everolimus

2 February 2016

US biotech firm Exelixis (Nasdaq: EXEL) has announced positive overall survival (OS) results from METEOR, the Phase III pivotal trial comparing cabozantinib to everolimus in 658 patients with advanced renal cell carcinoma (RCC) who have experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor (TKI).

In early trading on Monday, the stock rose 3% at $4.75, although it ended just 1.10% higher at $4.60 in after-hours trading. That followed a 10.5% rise to $4.62 on Friday, with a consensus analyst price target of $11.00 and a 52-week trading range of $1.80 to $6.81, when the company announced that the US Food and Drug Administration had accepted its rolling New Drug Application (NDA) application for cabozantinib for review, as well as the European Medicines Agency’s acceptance of its application to market cabozantinib as a treatment for kidney cancer for priority assessment.

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