Driving through Utah several years ago, my wife proclaimed as I missed an exit which we had planned miles back to take, “What were you thinking?”
My reply — “I wasn’t” — was all I could say.
Investors in South San Francisco-based biotech drug developer Exelixis Inc. (NASDAQ: EXEL) seemed to be asking my wife’s question. The stock lost nearly 40 percent of its value from Monday’s close to late Tuesday, trading down $3.05 to $4.68 per share.
The downturn came after Exelixis said late Monday that it would push forward on a Phase III trial of its heralded cancer-fighting medicine, cabozantinib, that focuses on relieving bone pain in men with advanced prostate cancer. These are the sickest of the sick — men whose cancerous lesions have spread to the bone and are causing excruciating pain.