In a recent transaction, Blake Borgeson, a director at Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), sold 20,054 shares of the company's Class A Common Stock. The sales, conducted on March 19, 2024, totaled approximately $216,422, with the shares being sold at a weighted average price of $10.792 each.
According to a footnote in the filing, the shares were sold in multiple lots at prices that ranged from $10.55 to $11.14 per share. The exact sale prices for each lot were not disclosed in the summary but are available upon written request to the company's stockholders and the SEC staff.
The transaction was executed under a pre-arranged 10b5-1 trading plan, which Borgeson had adopted on August 18, 2023. Such plans allow company insiders to set up a predetermined schedule for buying or selling shares at a time when they are not in possession of material non-public information, to avoid accusations of insider trading.
Following the sale, Borgeson still holds a substantial number of shares in the company, with a reported 7,252,755 shares remaining in his possession. This latest move by a high-ranking member of the Recursion Pharmaceuticals team provides investors with a glimpse into insider activity at the firm.
Recursion Pharmaceuticals, a biotech company based in Salt Lake City, Utah, is known for its focus on discovering therapeutic drugs using artificial intelligence and automated biology. The company has been at the forefront of using advanced technologies to accelerate drug discovery and development processes.
Investors and stakeholders in Recursion Pharmaceuticals typically monitor insider transactions as they can provide valuable insights into the company's performance and the confidence level of its top executives and directors in the business's prospects.
InvestingPro Insights
As Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) continues to navigate the biotech landscape, real-time data and insights from InvestingPro can provide investors with a deeper understanding of the company's financial health and market position. With a market capitalization of $2.5 billion, Recursion is a significant player in the biotech sector. Notably, the company's price-to-book ratio for the last twelve months as of Q4 2023 stood at 5.4, indicating that investors are willing to pay a premium for its net assets.
Despite recent insider sales, InvestingPro Tips suggest that Recursion holds more cash than debt on its balance sheet, which is a positive sign of financial stability. Additionally, the company's liquid assets exceed its short-term obligations, further underscoring its ability to meet immediate financial liabilities. On the other hand, analysts have revised their earnings estimates downwards for the upcoming period, reflecting potential concerns about the company's near-term profitability. With 6 additional InvestingPro Tips available, investors can gain a more comprehensive view of Recursion Pharmaceuticals by visiting InvestingPro.
Investors should also note that Recursion Pharmaceuticals does not pay a dividend, which is common among growth-focused biotech firms that prefer to reinvest earnings back into research and development. For those considering a deeper dive into Recursion's financial metrics and future outlook, using the coupon code PRONEWS24 can provide an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where more detailed analysis and tips are available.
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