Annual Checkup -- EXEL

As I just wrote about Exelixis (EXEL) a few days ago, I don't have a lot new to add. I'm showing a small gain with my holdings right now, as my average purchase price is $8.13, but that won't necessarily last through the year. I expect a lot of volatility in the next couple of years from EXEL as their three current lead compounds of interest move into and through pivotal phase II trials beginning this first quarter of 2006. Hopefully their continuing efforts to build licensing income streams will help to offset the volatility and high costs that accompany the FDA approval process, but the returns might be spectacular if one or two of their cancer compounds actually makes it as a widely accepted drug in the next four or five years. This continues to be a long-term hold, wait and see what happens kind of stock for me.

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