Exelixis Rising On Insider Buying (EXEL)
Shares of Exelixis, Inc. (Nasdaq: EXEL) are jumping this morning, gaining more than 6% on reports that insiders are betting heavily on the company.
In August, four insiders at Exelixis bought more than $1 million in company stock in August.
On August 13, President and CEO Michael Morrissey's family trust bought 30,000 shares for approximately $2.95 per share.
On August 24, Chairman and co-founder Stelios Papadopoulous bought 200,000 shares for $3.06 per share, according to transactions filed with the SEC.
CFO Frank Karbe purchased 16,5000 shares for $2.98 per share on August 24, and director Lance Willsey purchased 100,000 shares between August 13-16 for about $2.92 each.
"The purchase of shares by members of the senior management team and the board is an indication that we are bullish on the prospects for Exelixis and our lead late-stage compound XL184," said Mr. Morrissey, the company's president and CEO.
Shares of EXEL are up 6.4%, gaining 19 cents to trade at $3.16.
Do not miss these trading ideas!
