Barclays PLC and Insiders Reduce Stakes in Recursion Pharmaceuticals
Recursion Pharmaceuticals (RXRX) has made a name for itself in the biotechnology industry as a clinical-stage company developing several innovative drugs. The company’s portfolio includes promising drugs like REC-994, REC-2282, REC-4881, and REC-3964, which are in various stages of clinical trials.
Barclays PLC, on August 21, 2023, announced a significant decrease in its stake in Recursion Pharmaceuticals, Inc. The global financial services firm now holds only 188,222 shares or 0.10%, a drastic reduction from its previous holding.
Company insiders at Recursion have been observed making large-scale sales of their shares. CEO Christopher Gibson and CFO Michael Secora, in particular, have been involved in selling significant quantities of their shares. Despite these sales, corporate insiders still hold a substantial 19.96% of the company’s stock.
A noticeable reshuffling of holdings has also been observed among large investors. The Manufacturers Life Insurance Company, Principal Financial Group Inc., and the Swiss National Bank have recently adjusted their holdings in Recursion Pharmaceuticals. Currently, institutional investors own a dominant 64.79% of the company’s stock.
The market opened to Recursion Pharmaceuticals’ stock at $8.58 on August 21, 2023. The company’s market capitalization stood at $1.65 billion, a figure compounded by the notable stock price volatility observed over the prior year.
These developments represent a significant change in the investment landscape for Recursion Pharmaceuticals. It remains to be seen how these shareholding adjustments will impact the biotech firm’s future strategies and market performance.
About Recursion Pharmaceuticals
Recursion (NASDAQ: RXRX) is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology, and chemistry to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on Twitter and LinkedIn.