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Blake Borgeson, a director at Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), has reported the sale of 11,447 shares of the company's Class A common stock. The transaction, which occurred on October 29, 2024, was executed under a Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $6.7202, resulting in a total transaction value of approximately $76,926.
The sale was part of multiple trades with prices ranging from $6.67 to $6.83. Following this transaction, Borgeson now directly owns 7,077,560 shares of Recursion Pharmaceuticals.
In other recent news, Recursion Pharmaceuticals has received FDA approval for its Phase 1/2 clinical trial of REC-1245, a drug aimed at treating solid tumors and lymphoma. The company's rapid development of REC-1245, which targets RBM39, a regulator associated with CDK12, could potentially benefit over 100,000 patients in the US and EU5. The upcoming clinical trial will evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and potential efficacy of REC-1245 as a monotherapy.
In addition to this significant development, Recursion recently announced the results of its Phase 2 trial for REC-994, a treatment for Cerebral Cavernous Malformations (CCM). While the trial met its primary safety endpoint and showed promising trends in MRI-based efficacy measures, improvements in patient or physician-reported outcomes were not observed. Following these results, analyst firms including Needham, Jefferies, KeyBanc, and TD Cowen provided mixed feedback, with some maintaining their ratings while others adjusted their price targets.
Furthermore, Recursion has announced a $30 million deal with Genentech and plans for a $200 million public offering of Class A common stock. The company has also secured support from Evotec SE for its proposed acquisition of UK-based Exscientia plc, bringing total shareholder support for the transaction to approximately 53%. Lastly, Recursion has seen changes in leadership, with Dr. Robert Hershberg appointed as the new Chair of the Board, and Dr. Najat Khan joining as the new Chief R&D Officer and Chief Commercial Officer.
InvestingPro Insights
As Blake Borgeson reduces his stake in Recursion Pharmaceuticals, investors might be curious about the company's current financial standing and market position. According to InvestingPro data, Recursion Pharmaceuticals has a market capitalization of $1.8 billion, reflecting its position in the biotech sector.
The company's revenue for the last twelve months as of Q2 2024 stands at $49.63 million, with a notable quarterly revenue growth of 30.86% in Q2 2024. This growth trajectory is particularly interesting given the recent insider sale and could indicate positive developments in the company's pipeline or partnerships.
InvestingPro Tips highlight that Recursion Pharmaceuticals is trading near its 52-week low, with the current price at 40.15% of its 52-week high. This information, coupled with the insider transaction, may prompt investors to closely monitor the stock's performance and potential catalysts for future growth.
It's worth noting that analysts have set a fair value target of $10 for Recursion Pharmaceuticals, suggesting potential upside from the current trading price. For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights to help investors make informed decisions about RXRX and other stocks in the biotechnology space.
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