Exelixis Inc.'s stock surged 8.5% in premarket trade Monday, after the biopharmaceutical company, and its partner Ipsen , announced positive data an analysis of trial results of its treatment for advanced kidney cancer. The company said it plans to present its data at the American Society of Clinical Oncology annual meeting in Chicago, that runs through Tuesday. "Patients whose kidney cancer has spread to their bones traditionally have a poorer prognosis and worse treatment outcomes compared with those who do not have bone involvement," said Bernard Escudier, M.D., chair, Genitourinary Oncology Committee, Institut Gustave Roussy. "CABOMETYX demonstrated a clinically meaningful benefit for those with bone metastases, which is encouraging for physicians and patients who are seeking additional therapeutic options." Exelixis's stock had run up 17% year to date through Friday, while the SPDR S&P Biotech ETF had tumbled 17%.
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