Morning Commentary: Convertibles action picks up somewhat as broader markets steady; Exelixis eyed

By Rebecca Melvin

New York, Jan. 5 – Convertibles trading activity picked up somewhat early Tuesday after a quiet Monday to kick off the new year, but there was no particular focus to market action, a New York-based trader said.

“It is pretty random,” the trader said.

One name that traded was Exelixis Inc. The Exelixis 4.25% convertibles due 2019 changed hands at 115.264, according to Trace data. That was up from about 107.5 to 108.5 in mid-December.

Since that time, the stock has run up. On Monday, Exelixis announced positive results from its Meteor phase 3 trial of cabozantinib. The company said the treatment resulted in benefits in progression-free survival and that observed benefits were independent of variables.

Shares of the South San Francisco, Calif.-based biotechnology company popped early Tuesday but were last hugging the flat line at about $5.40.

The broader markets, which stumbled on the first trading day of the year on Monday, seemed to have stabilized. The S&P 500 stock index was last up 5 points, or 0.25%, at 2,017.65.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.