EXEL 's Cabo is approaching blockbuster status. Its sales grew 95% YOY in Q-1/2018. Q-1/2018 began operating with a net operating profit, independent of co-development/partnership fees. EXEL is investigating CABO in nearly 20 different combinations/indications. Once heavily indebted, EXEL has no short- or long-term debt. All these successes in perspective, EXEL must continue to grow into any MC > $6B. At $10B in a bearish market this may be a scalp short.