EXEL Update - SELL

I will be selling EXEL tomorrow at the open of market. It has been few months that we are on hold to see it bounce. However, today the company said that its experimental prostate cancer drug cabozantinib failed a late-stage study. Though the company has other late-stage clinical trials of cabozantinib in a form of kidney cancer and advanced liver cancer, those are expected sometime in 2015 and 2017. Hence I do not think it makes sense to hold this loser at this point. As said, we have high risk and high reward with bio-tech stocks and this has failed in rewarding. The company also said that  it would cut about 70 percent of its workforce as the drug did not show a statistically significant increase in overall survival in men treated with cabozantinib as compared with other drugs. Hence, I have decided to SELL this stock tomorrow.

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