Christopher Gibson, CEO of Recursion Pharmaceuticals Inc. (NASDAQ:RXRX), recently sold 40,000 shares of Class A common stock over two days, according to a filing with the Securities and Exchange Commission. The transactions, carried out on December 4 and 5, fetched a total of $285,600, with the share price ranging from $7.12 to $7.16. The stock, currently trading at $8.02, has seen its market capitalization reach $2.3 billion. InvestingPro analysis suggests the stock is currently trading near its Fair Value.
These sales were part of a pre-established Rule 10b5-1 trading plan. Following these transactions, Gibson holds 736,633 shares directly. Additionally, the report indicated conversions of Class B common stock to Class A common stock, but these did not involve any direct financial transactions. According to InvestingPro data, while the company maintains a strong current ratio of 4.35 and holds more cash than debt, it's currently experiencing rapid cash burn. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better understand the company's position.
In other recent news, Recursion Pharmaceuticals has seen significant developments. The company's Chief Financial Officer, Ben Taylor, transitioned to Exscientia AI Ltd., a UK subsidiary of Recursion, following its acquisition of Exscientia plc. Taylor's new employment agreement includes an annual base salary of £400,000 and participation in the Annual Incentive Plan.
Recursion has also completed its acquisition of Exscientia, enhancing its drug discovery and development capabilities. The merger has resulted in a robust pipeline of clinical and preclinical programs, and KeyBanc Capital Markets has maintained its Overweight rating on Recursion.
The company has launched a new model, OpenPhenom-S/16, to improve drug discovery processes, and the U.S. Food and Drug Administration has approved the company's Phase 1/2 clinical trial of REC-1245, a potential treatment for solid tumors and lymphoma. Recursion has also announced a $30 million deal with Genentech and plans for a $200 million public offering of Class A common stock.
Changes in leadership have been noted, with Dr. Robert Hershberg becoming the new Chair of the Board and Dr. Najat Khan stepping in as the new Chief R&D Officer and Chief Commercial Officer. These developments reflect the company's ongoing progress in the medical field.
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