Royalty Pharma gains as CEO buy over $7M company shares

• Royalty Pharma (NASDAQ:RPRX) ended a three-day skid on Thursday after its chief executive and founder Pablo Legorreta disclosed the purchase of more than $7M worth of company shares as part of a previously announced trading plan.
• According to a regulatory filing, Mr. Legorreta, who also serves as the chairman of the company’s board, bought 230K RPRX shares at $32.94 - $33.57 on Tuesday to increase his stake by more than 7%.
• The transaction worth ~$7.7M marks the first insider purchase at Royalty Pharma (RPRX) in more than a year since director Henry Fernandez bought over $1.2M shares in February 2022.
• Mr. Legorreta’s decision to boost his stake in RPRX comes days after the New York-based pharma royalties buyer posted a strong revenue beat with its Q1 2023 financials.

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