Here's an update on Exelixis ( EXEL), but first a reminder on my company thesis: It has lots of cancer drugs in the pipeline, all going after "sexy" anticancer molecular targets. It also has a partnership with GlaxoSmithKline ( GSK). I'd expect some clinical failures and setbacks, which can be seen as potential buying opportunities. Exelixis needs only one or two pipeline drugs to hit for the stock to work. Now, the update: Phase II data on Exelixis' XL880 in papillary renal cell cancer patients was OK, not spectacular. Of 19 evaluable patients, there was one with a partial response, 14 others with stable disease, although some of those tumor-growth stoppages were quite long.