Exelixis (EXEL) Stock Dropped Following Earnings Release
NEW YORK (TheStreet) -- Exelixis (EXEL) - Get Report shares closed down by 9.32% to $5.74 on Wednesday afternoon, one day after the company missed analysts' 2015 third quarter earnings expectations.
The biopharmaceutical company reported a third quarter net loss of $47.6 million, or a loss of 22 cents per share, versus analysts' 20 cents per share loss expectations.
Revenue of $9.85 million for the period beat analysts' $9.2 million forecasts.
"Over the last few months, we have made significant strides with our lead development program," CEO Michael Morrissey said in a statement. "We have significantly strengthened our organization's capabilities, including the addition of high-level personnel in medical affairs, sales, and marketing in advance of the potential commercialization of cabozantinib in advanced renal cell carcinoma."
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