Exelixis Data Release Upcoming; Options Activity Spiking
Interest in Exelixis, Inc. (NASDAQ: EXEL) is increasing again as the company approaches another data release.
Option Activity Spiking
On January 28, someone bought about 7,800 contracts of the May 2015 $2 Calls for 40 cents. The open interest on those calls now is over 21,000.
There also has been some smaller activity in the February and March $2 and $3 calls.
Why?
Over the last year, the stock is down about 75 percent because the company announced negative data.
In September 2014, the company announced that a Phase 3 trial for metastatic castration-resistant prostate cancer (mCRPC) failed to meet primary endpoints.
In December, the company also announced that a second Phase 3 trial for bone pain in MCRPC also failed to meet primary endpoints.
Now, the company is expecting to release Phase 3 data of cabozantinib in renal cell cancer (RCC) in the second quarter.
The company is also expecting to hear back from the FDA about setting a PDUFA date for approval of a combination of cobimetinab and vemurafenib for metastatic melanoma with Genentech, a member of Roche (OTC: RHHBY).
Exelixis CEO Michael Morrissey recently stated: “With target enrollment in the METEOR study in RCC recently achieved, we anticipate top-line results in the second quarter of 2015. We also look forward to Roche and Genentech’s continued regulatory progress with cobimetinib for metastatic melanoma. The EU review is underway and the U.S. filing is expected before year-end, which could ultimately lead to our opportunity to co-promote cobimetinib in the U.S. if it is approved for this indication.”
Exelixis will also be participating in the Leerink Global Healthcare Conference on February 11.
The company is scheduled to release fourth quarter and full year 2014 financial results on February 24.
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