LONDON—Tessari Eben, the Chief Operating Officer of Kiniksa Pharmaceuticals (NASDAQ:KNSA) International, plc (NASDAQ:KNSA), recently sold 17,000 shares of the company's Class A Ordinary Shares. The transaction, dated November 18, was executed through multiple trades at prices ranging from $20.685 to $21.505, resulting in a total value of approximately $357,680.
In addition to the sale, Eben acquired 10,000 shares through an option exercise at a price of $1.59 per share. This transaction was conducted under a 10b5-1 plan, which allows company insiders to set up a predetermined plan to sell stocks. After these transactions, Eben holds 102,975 shares directly.
These moves come as part of routine financial management by the executive, and the details were disclosed in a recent SEC filing.
In other recent news, Kiniksa Pharmaceuticals reported a significant 73% year-over-year increase in ARCALYST net product revenue, achieving $112.2 million in the third quarter of 2024. The company has also revised its full-year ARCALYST net sales guidance upwards, now expected to fall between $410 million and $420 million. Despite a net loss of $12.7 million for the quarter, Kiniksa's financial position appears to be strengthening, with a reported $223.8 million in cash reserves.
The company's initiatives to increase disease awareness and prescriber adoption have shown promising results, with approximately 2,550 prescribers by Q3, many of whom are writing multiple prescriptions. Kiniksa's clinical pipeline, including ongoing trials for abiprubart in Sjögren's disease, remains a priority. These are some of the recent developments within the company.
Kiniksa expects continued growth in ARCALYST sales and prescriber numbers. The company is focusing on increasing disease awareness and diagnosis for recurrent pericarditis and is expanding its salesforce to approximately 90 representatives to drive patient acquisition. Despite the reported net loss for the third quarter, the company's ARCALYST product has been profitable since Q4 2021, indicating a strong ongoing demand.
InvestingPro Insights
To provide additional context to Tessari Eben's recent stock transactions, let's examine some key financial metrics and insights for Kiniksa Pharmaceuticals (NASDAQ:KNSA).
According to InvestingPro data, Kiniksa's market capitalization stands at $1.53 billion. The company has shown impressive revenue growth, with a 54.41% increase in the last twelve months as of Q3 2024, reaching $384.1 million. This strong top-line performance is particularly noteworthy given the recent insider selling activity.
However, despite the revenue growth, Kiniksa is not currently profitable. An InvestingPro Tip indicates that the company has not been profitable over the last twelve months, which aligns with the negative operating income of -$26.24 million reported for the same period. This financial situation might explain why executives like Eben are exercising options and selling shares, possibly to realize gains while the stock price is favorable.
Another relevant InvestingPro Tip highlights that Kiniksa holds more cash than debt on its balance sheet. This strong liquidity position could provide the company with financial flexibility as it works towards profitability, potentially offsetting concerns about the current lack of earnings.
It's worth noting that InvestingPro offers 8 additional tips for Kiniksa Pharmaceuticals, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights can be particularly valuable when interpreting insider transactions like those of COO Tessari Eben.
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