Insider Trading Alert: Recursion Pharmaceuticals (NASDAQ:RXRX) Director Sells Shares Worth $83,734 - Find Out More!
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) Director Blake Borgeson has recently sold a significant number of shares, generating $83,734 in proceeds. The sale, which took place on July 9, 2024, was part of a pre-arranged trading plan to avoid insider trading accusations.
Borgeson sold 11,447 shares at prices ranging from $7.17 to $7.435, with a weighted average sale price of $7.315 per share. Despite this transaction, Borgeson still retains a substantial number of shares, owning a total of 7,167,110 shares.
This insider trading activity was conducted under Rule 10b5-1, allowing company insiders to sell stocks at predetermined times. Recursion Pharmaceuticals, based in Salt Lake City, Utah, focuses on biotechnology and drug discovery using advanced technologies.
In other news, Recursion Pharmaceuticals is planning a public offering of $200 million in Class A common stock, led by Goldman Sachs & Co. LLC and J.P. Morgan. The company has also made changes to its leadership team, appointing Dr. Robert Hershberg as the new Chair of the Board and Dr. Najat Khan as the new Chief R&D Officer and Chief Commercial Officer.
Investors should note that Recursion Pharmaceuticals' financial health and market performance are mixed, with a negative P/E ratio and declining stock price. Analysts do not expect the company to be profitable this year, and its gross profit margin is negative at -34.5%.
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In summary, the recent insider trading activity at Recursion Pharmaceuticals, along with its financial indicators and market performance, highlights the importance of conducting thorough research before making investment decisions in the biotechnology sector.