RDI Initiates Coverage on:
Exelixis, Inc.
https://ub.rdinvesting.com/news/?ticker=EXEL
Amicus Therapeutics, Inc.
https://ub.rdinvesting.com/news/?ticker=FOLD
Exelixis' shares dropped 7.88 percent to close at $19.86 a share on Wednesday. The stock traded between $19.55 and $21.33 on volume of 8.71 million shares traded. In March, the U.S. Food & Drug Administration (FDA) granted cabozantinib orphan drug designation for the treatment of hepatocellular carcinoma (HCC). The company reported a net income of $16.7 million on total revenues of $80.9 million for the first quarter of 2017. Cash and cash equivalents, short- and long-term investments and long-term restricted cash and investments totaled $475.8 million at March 31, 2017. Shares of Exelixis have gained approximately 33.2 percent year-to-date.
"During the first quarter of 2017, we reached the important milestone for our shareholders of achieving profitability based on operations. In addition, we further advanced cabozantinib's commercialization and clinical development through our ongoing strong execution on the CABOMETYX U.S. launch, made additional progress in our preparations to submit a sNDA for previously untreated patients with advanced RCC, entered into important clinical development collaborations that will evaluate cabozantinib in combination with leading immunotherapies, and granted Japanese rights to a new cabozantinib partner, Takeda," commented Michael M. Morrissey, Ph.D., President and CEO of Exelixis.
Access RDI's Exelixis Research Report at:
https://ub.rdinvesting.com/news/?ticker=EXEL
Amicus Therapeutics' shares declined 4.06 percent to close at $7.57 a share on Wednesday. The stock traded between $7.57 and $7.86 on volume of 3.45 million shares traded. Net loss was $55.0 million, or $0.39 per share, for the first quarter of 2017, compared to a net loss of $43.7 million, or $0.35 per share, for the first quarter 2016. Shares of Amicus Therapeutics have gained approximately 52.31 percent year-to-date.
On May 15th, the company announced positive functional data from initial patients in a global Phase 1/2 study of patients with Pompe disease. "We are very pleased to see improvements in six minute walk distance and other measures of motor function in both naïve and ERT-switch patients, as well as stability or improvements in forced vital capacity. The consistency and magnitude of improvements exceeded our expectations and follow the initial improvements seen on key biomarkers of muscle damage and disease substrate," said John F. Crowley, Chairman and CEO of Amicus Therapeutics.
Access RDI's Amicus
Therapeutics Research Report at:
https://ub.rdinvesting.com/news/?ticker=FOLD
Our Actionable Research on Exelixis, Inc. (NASDAQ: EXEL) and Amicus Therapeutics, Inc. (NASDAQ: FOLD) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com