Exelixis plummets after Reuters first – again

Shares of biotech Exelixis plummeted 16 percent after Reuters was nearly 1-1/2 hours ahead of Dow Jones and Bloomberg in reporting on June 20 that Bristol-Myers had dropped out of a deal to develop Exelixis’ lead drug candidate XL184. Reuters had reported on June 6 (in a CEO interview that was picked up by Dow Jones) that the drug’s development as a treatment for brain cancer would be delayed after regulators requested that a pivotal trial be conducted. Shares of Exelixis fell 5 percent after the Reuters story about the trial plans.