Recursion Pharmaceuticals (NASDAQ: RXRX) shares fell more than 7% on Thursday, July 16. An insider filed a Form 144 with the SEC. The filing indicated an intent to sell 100,000 shares.
This filing followed several other notices of proposed insider sales earlier in the month. These notices raised investor concerns about a potential increase in stock supply.
The planned sale adds to an existing downward trend for the stock. The stock had already declined over the past several weeks. Some reports cited general bearish sentiment regarding the company's drug pipeline, but the Form 144 filing was the specific catalyst for Thursday's sharp drop.