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Stock Market & Financial Investment News

News Breaks
April 9, 2013
16:06 EDTEXELExelixis announces presentation of data for its compound cabozantinib
Exelixis announced the presentation of preclinical data that provide insight into the mechanism of action of its lead compound, cabozantinib, with respect to its activity against prostate cancer tumors that have metastasized to the bone. Previously reported clinical findings with cabozantinib in castration-resistant prostate cancer patients with bone metastases have included a 67% rate of bone scan response, reduced 99Tc-MDP uptake, and reductions in plasma markers of osteoclast activity. In the poster presented today, the investigators reported on a refined prostate cancer bone metastasis model that develops many of the features associated with bone metastases in CRPC patients. "In this preclinical study, we investigated cabozantinib’s activity in an animal model of prostate cancer bone metastasis with many of the same features associated with bone metastases in CRPC patients,” said Dr. Simon Robinson, the senior author of the study. “Treatment with cabozantinib resulted in tumor cell death, increases in ADC, and normalization of bone architecture, which was accompanied by reduced uptake of 99Tc-MDP. These results suggest the compound’s effect upon bone metastases is significant and comprised of multiple mechanisms.”
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September 2, 2014
16:25 EDTEXELOn The Fly: Closing Wrap
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12:09 EDTEXELOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
10:53 EDTEXELExelixis downgraded to Neutral from Overweight at Piper Jaffray
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10:02 EDTEXELOn The Fly: Analyst Downgrade Summary
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08:56 EDTEXELOn The Fly: Pre-market Movers
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06:45 EDTEXELExelixis downgraded to Hold from Buy at Stifel
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06:45 EDTEXELExelixis downgraded to Market Perform from Outperform at Cowen
Cowen downgraded Exelixis following failure of the COMET-1 Phase 3 trial to meet its primary endpoint.
September 1, 2014
18:19 EDTEXELExelixis announces 70% workforce reduction after trial failure
Exelixis said that as a result of the outcome of COMET-1, it will initiate a "significant" workforce reduction to enable the company to focus its financial resources on the late-stage clinical trials of cabozantinib in metastatic renal cell carcinoma and advanced hepatocellular carcinoma. The company will reduce its workforce by approximately 70%, or approximately 160 employees, resulting in approximately 70 remaining employees. Exelixis anticipates the one-time restructuring charge associated with the workforce reduction to be approximately $6M-$8M, with the majority to be completed by the end of Q4. As a result of this and other cost-saving measures contemplated, the company anticipates that it has sufficient cash to support its operations through the release of top-line results of the METEOR trial next year.
18:17 EDTEXELExelixis says COMET-1 phase 3 trial did not meet endpoint
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