Exelixis (EXEL) said a phase 3 study showed its cabozantinib drug reduced the risk of disease progression or death by 50% compared with placebo in patients with advanced gastrointestinal neuroendocrine tumors

The study involved 116 patients with median progression-free survival of 8.5 months with cabozantinib compared with 5.6 months with placebo, the company said Friday in a statement.

The results "demonstrate the benefits of cabozantinib across a wide range of patients with neuroendocrine tumors and further underscore the potential of cabozantinib to become a much-needed new option," Exelixis Chief Medical Officer Amy Peterson said in the statement.

The US Food and Drug Administration is currently reviewing a supplemental new drug application for cabozantinib, the company said.

Shares of Exelixis fell 5.2% in late Friday trading. Earlier, Oppenheimer downgraded the stock to perform from outperform and cut the price target to $33 from $41.

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