Adam Elsesser, CEO and President of Penumbra Inc (NYSE:PEN), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Elsesser sold a total of 14,000 shares of Penumbra's 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 InvestingPro, Penumbra currently trades at a high earnings multiple and shows strong financial health with a "GREAT" overall score.
The transactions were conducted as part of Elsesser's Rule 10b5-1 trading plan and involved shares held 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 treating vascular and neurovascular diseases.
In other recent news, RBC Capital Markets projects a favorable outlook for the Medical (TASE:PMCN) Supplies & Devices sector for 2025, with companies like Boston Scientific (NYSE:BSX), Intuitive Surgical (NASDAQ:ISRG), DexCom (NASDAQ:DXCM), Medtronic (NYSE:MDT), and Edwards Lifesciences (NYSE:EW) showing significant upside opportunities. Meanwhile, Inspire Medical Systems (NYSE:INSP) reported a 33% increase in revenue to $203.2 million in its third quarter, with a net income of $18.5 million. The company also raised its full-year 2024 revenue guidance to a range of $793-798 million.
Penumbra, a medical device company, received an Outperform rating and a price target of $275 from Oppenheimer, and its stock was upgraded from Equal Weight to Overweight by Wells Fargo (NYSE:WFC), with a new price target set at $275. The company revealed that its computer assisted vacuum thrombectomy (CAVT™) technology shortens hospital stays and reduces complications for patients with intermediate-risk pulmonary embolism (PE).
Canaccord Genuity increased its price target for Penumbra to $260, maintaining a Buy rating, following Penumbra's third-quarter revenue report which exceeded expectations. The company announced its Q3/24 revenue at $301.0 million, marking an 11.1% year-over-year increase. These are among the recent developments in the healthcare sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.