Adam Elsesser, CEO and President of the company Penumbra Company (NYSE:), recently sold a significant portion of its holdings in the company. According to a filing with the Securities and Exchange Commission, Elsesser sold an aggregate of 14,000 shares of Penumbra common stock on December 20, 2024. The sales were executed at prices ranging from $240.79 to $244.75 per share, resulting in a total transaction value of approximately $3.64 million. according to InvestingProPenumbra currently trades at a high earnings multiple and shows strong financial health with an overall score of “Great.”
These transactions were conducted as part of Elsesser's Rule 10b5-1 trading plan and involved shares owned by the Siegel/Elsesser Revocable Trust. Following these sales, Elsesser retains ownership of 837,582 shares indirectly through the trust.
These sales are part of a planned trading strategy and do not necessarily indicate a change in Elsesser's confidence in the company's future performance. Penumbra, headquartered in Alameda, California, is known for its innovative medical devices and technologies used in the treatment of vascular and neurovascular diseases.
In other recent news, RBC Capital Markets forecasts a positive outlook for medical (TASE:) supplies and devices sector for 2025, with companies such as Boston Scientific (NYSE:), Intuitive Surgical (NASDAQ:), Dexcom (NASDAQ:), Medtronic (NYSE:) and Edwards Lifesciences (NYSE:) show significant upside opportunities. Meanwhile, Inspire Medical Systems (NYSE:) reported a 33% increase in revenue to $203.2 million in the third quarter, with net income of $18.5 million. The company also raised its full-year 2024 revenue guidance to between $793 million and $798 million.
Penumbra, a medical device company, received an Outperform rating and a $275 price target from Oppenheimer, and its shares were upgraded from Equal Weight to Overweight by Wells Fargo (NYSE:), with a new price target of $275. The company revealed that Computer-Assisted Vacuum Thrombectomy (CAVT™) technology shortens hospital stay and reduces complications for patients with moderate-risk pulmonary embolism (PE).
Canaccord Genuity increased its price target on Penumbra to $260, while maintaining a Buy rating, following Penumbra's third-quarter revenue report that beat expectations. The company reported Q3/24 revenue of $301.0 million, representing an increase of 11.1% year over year. These are among the recent developments in the healthcare sector.
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