Exelixis (EXEL) Stock Spikes on First Quarter Earnings Report

NEW YORK (TheStreet) -- Exelixis (EXEL) shares closed Friday's trading session, up 8.68% to $3.38 on heavy volume after the biotechnology company reported its first quarter earnings results after the closing bell yesterday.

The San Francisco-based company reported first quarter net income of $35.2 million, which translated to a loss of 18 cents per share, beating analysts' net loss expectations of 23 cents per share by a nickel.

The company reported first quarter revenue of $9.4 million which also topped the consensus estimate of $8.3 million.

About 13.44 million shares exchanged hands as of 4:06 p.m. ET today, compared to its average trading volume of about 2.84 million shares a day.

Exelixis is engaged in developing small molecule therapies for the treatment of cancer.

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