Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of drug developer Exelixis
So what: In the afternoon, a rumor of negative clinical trial data popped up. The quickly erased downward spike shows how valuable the cabozanitib prostate-cancer trials are to Exelixis' future prospects but also underscores how unsubstantiated the speculation really was.
Now what: That particular drug has run into issues before, taking the stock along for a slide. For example, Exelixis disclosed earlier this summer that some trial patients had died during treatment. But for a potential cancer-buster, that's kind of par for the course.
I hear echoes of Elan
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