Exelixis (EXEL) stock surged 5.05% in intraday trading on Friday, following an encouraging update on the company's ongoing clinical study for renal cell carcinoma treatment. The biotechnology firm, known for its oncology-focused drug development, saw its shares climb as investors reacted positively to the latest news.

The rally comes after Exelixis announced progress in its collaborative clinical study with Merck Sharp & Dohme LLC. The study focuses on a potential treatment for renal cell carcinoma, a type of kidney cancer. While specific details of the update were not immediately available, the market's reaction suggests that investors are optimistic about the potential outcomes of this research.

This development underscores Exelixis's continued efforts in the oncology space and its strategic partnership with pharmaceutical giant Merck. As the company advances its clinical pipeline, particularly in the competitive field of cancer therapeutics, positive updates like this can significantly impact investor sentiment and stock performance. Analysts will be closely watching for further details on the study's progress and its potential implications for Exelixis's future growth prospects.