That's a definite possibility, but there's no real way of knowing because the study is blinded. It's just as likely that placebo patients are doing better than expected, which could hurt cabozantinib's chances. Patients in both arms of the study might also be exceeding expectations.

By design, twice as many patients in the phase III study were randomized to cabozantinib compared to placebo. But even with this numerical imbalance, it's folly to read too much into Exelixis' announcement of a delay, either way.

Joe W. emails, "What do you think is a better speculative stock, Questcor Pharmaceuticals (QCOR) or Micromet (MITI)?"

Micromet is a better speculative stock because the company's antibody cancer drug pipeline is still unproven. Pivotal trial results and potential approvals are still several years away as well.

I consider Questcor to be an earnings-driven stock dependent on the growth of Acthar. Questcor's share price is at an all-time high and trades at 22 times next year's estimated earnings, which makes it a high-growth, momentum stock but certainly not speculative.

--Written by Adam Feuerstein in Boston.

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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