Exelixis (EXEL) Loses 12% on Cancer Treatment Trial Results

We recently published 10 Stocks With Massive Losses; AI Stocks Not Spared. Exelixis, Inc. (NASDAQ:EXEL) is one of the worst performers on Monday.

Exelixis tumbled by 12 percent on Monday to close at $34.54 apiece as unimpressed investors soured on the results of its phase 3 trial for the study of Zanzalintinib for colon cancer.

In an updated report, Exelixis, Inc. (NASDAQ:EXEL) said the drug candidate—Zanzalintinib, in combination with atezolizumab—improved median overall survival to 10.9 months versus 9.4 months with regorafenib, significantly reducing the risk of death by 20 percent in the intention-to-treat population.

“While treating non-MSI-high metastatic colorectal cancer remains a challenge, the combination of zanzalintinib and atezolizumab has shown consistent benefits across key subgroups of patients,” said University of Pittsburgh Section Chief of Gastrointestinal Oncology Anwaar Saeed.

Exelixis, Inc. (NASDAQ:EXEL) EVP for Research and Development Dana Aftab said that the results from the latest clinical trial provide further insight into the combination of zanzalintinib and atezolizumab “as a potential new option” to extend survival in patients with the said type of cancer.

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Disclosure: None. This article is originally published at Insider Monkey.