CPRX - Catalyst Pharma falls after a series of insider sales

• Multiple insider sales have hurt commercial-stage biotech Catalyst Pharmaceuticals ( NASDAQ: CPRX ) as the company became a notable decliner in the pre-market trading Friday with a drop of ~7% .
• The sellers include CPRX, co-founder, President, and Chief Executive Patrick McEnany, who has sold ~$15.8M worth of company shares in two separate transactions on Tuesday and Wednesday, according to an SEC filing.
• McEnany, who has served as the company’s CEO since its formation in 2002, has sold more than 1.0M CPRX shares as part of an option exercise cutting his stake by ~21%.
• Other notable sellers include Chief Operating Officer Steven Miller, who has sold ~653.8K CPRX shares for a total value of ~$1.8M.
• Executed in three separate transactions on Tuesday, the sale has reduced Miller’s stake in the company by ~14%.

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