Christopher Gibson, the Chief Executive Officer of Recursion Pharmaceuticals Inc. (NASDAQ:RXRX), recently executed a series of transactions involving the company's Class A Common Stock. On January 8 and January 10, Gibson sold a total of 40,000 shares, fetching prices between $7.05 and $7.31 per share. These sales amounted to a total value of $287,200. The timing is notable as the stock has declined about 13% over the past week, with the current share price at $6.74. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.35, though it faces challenges with rapid cash burn.
The transactions were part of a Rule 10b5-1 trading plan, which Gibson adopted on December 27, 2023. Following these sales, Gibson holds 736,633 shares directly. Additionally, there were conversions of Class B Common Stock into Class A Common Stock, reflecting the automatic conversion linked to these sales. InvestingPro subscribers have access to 8 additional key insights about Recursion Pharmaceuticals, including detailed analysis of its financial health and growth prospects.
In other recent news, Recursion Pharmaceuticals has made substantial progress in its cancer drug trials. The company has received approval from the UK Medicines and Healthcare Products Regulatory Agency and the U.S. Food and Drug Administration to advance clinical trials for two of its cancer drug candidates, REC-3565 and REC-4539. Furthermore, the company has registered 3,498,393 shares of its Class A common stock for resale to Tempus Labs, Inc., as part of an annual license fee agreement.
In addition, Recursion's Chief Financial Officer, Ben Taylor, has transitioned to a role with Exscientia AI Ltd., a UK subsidiary of Recursion, following an acquisition. The company has also completed its acquisition of Exscientia, enhancing its drug discovery and development capabilities. Analyst firm KeyBanc Capital Markets has maintained its Overweight rating on Recursion, with a price target of $12.00.
Recursion has launched a new model, OpenPhenom-S/16, to enhance drug discovery processes and received approval from the U.S. Food and Drug Administration for a Phase 1/2 clinical trial of REC-1245, a potential treatment for solid tumors and lymphoma. The company has announced a $30 million deal with Genentech and plans for a $200 million public offering of Class A common stock. These are the latest developments at Recursion Pharmaceuticals.
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