Exelixis (EXEL) shares hit a 52-week high on Wednesday after the company announced that its  CABOMETYX (cabozantinib) for the treatment of adult patients with advanced renal cell carcinoma (RCC) who have received prior vascular endothelial growth factor (VEGF)-targeted therapy has been approved by the European Commission (EC). Cabo has already been approved by the FDA for the same indication earlier this year.

EXEL shares have been on an upward trajectory since April and I believe that investors should now consider taking profit. The stock has already gained more than 130% so far this year.