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Suma Krishnan, the President of R&D at Krystal Biotech , Inc. (NASDAQ:KRYS), has executed significant stock sales, according to a recent SEC filing. On December 13, Krishnan sold shares totaling approximately $8.2 million.
The transactions were carried out in two segments. The first set of transactions, directly owned by Krishnan, amounted to $4,119,524, with shares sold at prices ranging from $163.04 to $171.62. The second set, indirectly owned through Krishnan's spouse, Krish S. Krishnan, totaled $4,120,498, with shares sold at prices between $163.07 and $171.63. InvestingPro subscribers can access 12+ additional insights about KRYS's valuation and financial health through detailed Pro Research Reports.
These sales were made under a Rule 10b5-1 trading plan, which was adopted on June 13, 2024, with the plan commencing on September 12, 2024, and set to terminate on September 13, 2025. The trading plan includes quarterly sales of 25,000 shares, with a limit price of $150 per share.
Following these transactions, Suma Krishnan retains direct ownership of 1,475,882 shares in Krystal Biotech, while indirect holdings through the Krishnan Family Trust and other trusts remain substantial.
In other recent news, Krystal Biotech has made significant strides in its operations and financials. The company has reported robust earnings for Q3 2024, with earnings per share rising from $0.54 in Q2 to $0.95, driven largely by revenue growth from its lead product, VYJUVEK, which generated net revenues of $83.8 million. BofA Securities has maintained a Buy rating on Krystal Biotech, following clinical updates for its product candidates KB407 and KB408, which are being developed for cystic fibrosis and alpha-1 antitrypsin deficiency respectively.
Krystal Biotech has also revealed plans for expansion into Europe and Japan, with the anticipated launch of its gene therapy product, B-VEC, in both regions in 2025. The company expects to receive an opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use in the first quarter of 2025. Meanwhile, the company is advancing its clinical pipeline, expecting interim data readouts by the end of 2024 from multiple products.
In terms of financials, Krystal Biotech reported a strong position, with $374 million in cash and investments at the end of Q3 2024, and anticipates reaching a $300 million milestone payment related to the PeriphaGen settlement in early 2025. These recent developments are a testament to Krystal Biotech's continued growth and financial health.
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