KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comExelixis shares rise on 3Q results
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NEW YORK (AP) - Shares of biotechnology company Exelixis Inc. rose Friday after the company narrowed its profit loss on a surge in revenue from partnerships with several large pharmaceutical companies.
The stock rose 57 cents, or 10 percent, to $6.28 in midday trading. Shares have traded between $2.11 and $7.25 over the last 52 weeks.
The company, based in South San Francisco, Calif., lost $25.4 million, or 24 cents per share, compared with a loss of $38.5 million, or 36 cents per share, during the same period a year prior. Revenue surged 84 percent to $55 million from $30 million.
Analysts surveyed by Thomson Reuters expected a loss of 32 cents per share on revenue of $46.6 million.
Exelixis said the revenue boost came from new partnerships with Sanofi-Aventis and Bristol-Myers Squibb on potential cancer treatments and Boehringer Ingelheim on autoimmune disease treatments.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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