On Friday, Shares of Exelixis, Inc. (NASDAQ:EXEL), gained 10.12% to $2.83.
Exelixis, stated financial results for the first quarter of 2015 and offered an update on progress toward its 2015 key corporate objectives and clinical development milestones.
Corporate Updates and Key Priorities for 2015
In 2015, Exelixis continues to focus its development efforts and financial resources on the opportunities for cabozantinib in metastatic renal cell carcinoma (mRCC) and advanced hepatocellular carcinoma (HCC), and to support its partner Genentech, a member of the Roche Group, as it prepares for the potential worldwide commercialization of cobimetinib, a second Exelixis-discovered compound.
mRCC Regulatory Progress and Anticipated Timing for Top-Line Results for METEOR Trial.
In early April, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to cabozantinib as a treatment for patients with advanced RCC who have received one preceding therapy. Fast Track designation confers important benefits, counting the potential eligibility for Priority Review of a New Drug Application (NDA), if the relevant criteria as defined by FDA are met.
METEOR is the company’s phase 3 pivotal trial of cabozantinib in mRCC. Enrollment was accomplished in November 2014, and the protocol specifies that the analysis of the primary endpoint, progression-free survival (PFS), will be conducted once 259 events have occurred among the first 375 patients enrolled. Exelixis formerly stated that top-line results from METEOR were anticipated to be accessible in the second quarter of 2015; however, because the rate at which events associated with the primary endpoint of PFS are accumulating has slowed, the company now anticipates top-line results will be accessible at the end of the second quarter or early in the third quarter of this year.
Exelixis, Inc., a biopharmaceutical company, develops and sells small molecule therapies for the treatment of cancer in the United States. The company offers COMETRIQ, an inhibitor of multiple receptor tyrosine kinases for the treatment of patients with progressive, metastatic medullary thyroid cancer.
At the end of Friday’s trade, Shares of Titan International Inc. (NYSE:TWI), jumped 9.43% to $11.37.
Titan International, declared first quarter revenue and performance results.
First quarter highlights:
- Sales for the first quarter of 2015 were $402.1 million down 25.4 percent, contrast to $538.9 million in the first quarter of 2014.
- Gross profit for the first quarter of 2015 was $42.8 million, or 10.6 percent of net sales, contrast to $54.6 million, or 10.1 percent of net sales for the first quarter of 2014.
- Income from operations for the first quarter of 2015, was $0.8 million, or 0.2 percent of net sales, contrast to income of $0.3 million, or 0.0 percent of net sales, for the first quarter of 2014.
- Adjusted net income for the first quarter was $0.7 million, contrast to $2.2 million in the first quarter of 2014.
- Adjusted basic earnings per share for the first quarter 2015 and 2014 were $0.01 and $0.04 respectively, and adjusted fully diluted earnings per share were $0.01 and $0.04 respectively.
Titan International, Inc., together with its auxiliaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in the United States and internationally. The company operates through Agricultural, Earthmoving/Construction, and Consumer segments.
Universal Insurance Holdings Inc. (NYSE:UVE), ended its last trade with 9.24% gain, and closed at $26.24, hitting its highest level.
Universal Insurance Holdings, stated record net income of $22.3 million and diluted earnings per share (EPS) of $0.62, an enhance of $8.8 million and $0.24, respectively, for the first quarter of 2015. This compares to net income of $13.5 million, or $0.38 per diluted share, for the same period in 2014.
First-Quarter 2015 & Recent Highlights
- Net earned premiums grew by $30.6 million, or 47.9%, to $94.4 million.
- Total revenues raised by $29.5 million, or 39.7%, to $103.8 million.
- Net income raised by $8.8 million, or 64.8%, to $22.3 million.
- Diluted EPS grew by $0.24, or 63.2%, to $0.62 per share.
- Paid dividends of $0.12 per share.
- Attained assets from Aplin Peer & Associates Inc., a privately held independent claims adjusting company, in February 2015.
Universal Insurance Holdings, Inc., through its auxiliaries, provides various property and casualty insurance products. The company primarily underwrites homeowners insurance products; and offers reinsurance intermediary brokerage services.
Finally, XOMA Corporation (NASDAQ:XOMA), closed at $3.26, with 8.67% gain.
XOMA Corporation, declared the Company will host a conference call on Thursday, May 7, 2015, at 4:30 p.m. Eastern time to talk about first quarter 2015 financial results and provide an update on gevokizumab’s global clinical programs.
XOMA Corporation discovers and develops antibody-based therapeutics in the United States, Europe, and the Asia Pacific. The company’s lead product candidate comprises gevokizumab, a proprietary humanized allosteric-modulating monoclonal antibody that binds to the inflammatory cytokine interleukin-1 beta, which is in Phase III clinical trial for NIU and Behçet’s disease uveitis, pyoderma gangrenosum, active non-infectious anterior scleritis, autoimmune inner ear disease, and cardiovascular diseases, in addition to diseases under the neutrophilic dermatoses designation, Schnitzler syndrome, and other diseases; and various proof-of-concept studies comprising polymyositis/dermatomyositis, Schnitzler syndrome, and giant cell arteritis.
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