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NEW YORK (AP) - Shares of biotechnology company Exelixis Inc. rose Friday after the company narrowed its profit loss on a surge in revenue from partnerships with several large pharmaceutical companies.
The stock rose 57 cents, or 10 percent, to $6.28 in midday trading. Shares have traded between $2.11 and $7.25 over the last 52 weeks.
The company, based in South San Francisco, Calif., lost $25.4 million, or 24 cents per share, compared with a loss of $38.5 million, or 36 cents per share, during the same period a year prior. Revenue surged 84 percent to $55 million from $30 million.
Analysts surveyed by Thomson Reuters expected a loss of 32 cents per share on revenue of $46.6 million.
Exelixis said the revenue boost came from new partnerships with Sanofi-Aventis and Bristol-Myers Squibb on potential cancer treatments and Boehringer Ingelheim on autoimmune disease treatments.
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