Maybe we're not reading the correct tea leaves here.... yeah, insider selling might look bad but there's a lot going on and some of this may be adjusting personal finances this year to prep for next year when anything can happen - especially in an election year.
Personally, I do not want EXEL to be bought this year because I already have significant capital gains from other investments, including selling a house near Boston for a hefty profit... Most of my EXEL shares are in a cash acct. and after getting raped by the IRS in the Medarex BO - taking taxes into consideration is a big part of my investment thesis..... Readout in CM9ER may prime EXEL for a take out at a price the BoD, MMM and everybody else will gladly accept. Is this insider selling simply prudent, individual tax planning for next year's BO? Is management spreading out their capital gains over 2 or 3 years to lessen the hit from the taxman? Is all this insider trading in preparation to sell EXEL in 2020? Or at least the possibility of a BO in 2020?
time will tell...