Krystal Biotech President Suma Krishnan Sells $8.2 Million in Stock By Investing.com
Suma Krishnan, President of R&D at Crystal Biotech Inc. (NASDAQ: ), has made significant stock sales, according to a recent SEC filing. On December 13, Krishnan sold shares worth $8.2 million.
The transaction is done in two stages. The first set of transactions, owned directly by Krishnan, totaled $4,119,524, with shares traded at prices ranging from $163.04 to $171.62. A second set, indirectly owned by Krishnan’s partner, Krish S. Krishnan, totaled $4,120,498, with shares traded at prices between $163.07 and $171.63. InvestingPro subscribers can access 12+ additional insights into KRYS’s valuation and financial health through Pro’s detailed research reports.
This sale was made under a Rule 10b5-1 trading plan, which was adopted on June 13, 2024, with a plan that begins on September 12, 2024, and will end on September 13, 2025. The trading plan includes quarterly sales of 25,000. shares, with a par value of $150 per share.
Following this transaction, Suma Krishnan retains direct ownership of 1,475,882 shares in Krystal Biotech, while indirect shares through the Krishnan Family Trust and other trusts remain intact.
In other recent news, Krystal Biotech has made significant strides in its operations and finances. The company reported strong 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 income of $83.8 million. BofA Securities maintained a buy rating on Krystal Biotech, following clinical reviews of its product candidates KB407 and KB408, which are being developed to treat cystic fibrosis and alpha-1 antitrypsin deficiency respectively.
Krystal Biotech also revealed expansion plans in Europe and Japan, with the expected launch of its gene therapy product, B-VEC, in both regions by 2025. The company expects to receive an opinion from the Committee for Medicinal Products of the European Medicines Agency for Human Use in the first half of 2025. Meanwhile, the company is developing its clinical pipeline, expecting interim data readings by the end of 2024 from several products.
In terms of finances, Krystal Biotech reported a strong position, with cash and investments of $374 million at the end of Q3 2024, and expects to reach a milestone payment of $300 million related to the PeriphaGen settlement in early 2025. These recent events are evidence of Krystal Biotech’s continued growth and financial health.
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