Organogenesis Holdings Inc. (NASDAQ:ORGO), a $470 million market cap healthcare company whose stock has surged 38% over the last six months, saw its President and CEO Gary S. Gillheeney recently report the sale of company shares totaling $206,358. According to InvestingPro data, analysts maintain a bullish outlook with price targets ranging from $4 to $6. The transactions, disclosed in a regulatory filing, occurred on December 13 and December 16, with shares sold at prices ranging between $3.36 and $3.49.
The sales involved a total of 61,200 shares of Class A Common Stock, with the proceeds used to cover withholding tax obligations arising from a previous stock option exercise. Following these transactions, Gillheeney retains direct ownership of 3,039,194 shares in the company.
In other recent news, Organogenesis Holdings Inc. reported a significant increase in their third-quarter fiscal year 2024 earnings. The company's net revenue reached $115.2 million, surpassing the projected range of $105 million to $113 million, demonstrating a year-over-year growth of 6%. This was mainly driven by a 7% revenue increase in the advanced wound care segment, which totaled $108 million. In response to the strong quarter, Organogenesis raised its revenue guidance for 2024 to a range of $455 million to $480 million, indicating a potential year-over-year growth ranging from 5% to 11%.
The company has also entered into a material agreement to repurchase 500,000 shares of its Class A common stock from the GN 2016 Family Trust for $4.057 per share. This decision aligns with the company's strategic financial management and reflects its ongoing efforts to optimize shareholder value. Cantor Fitzgerald adjusted its outlook on Organogenesis, increasing the price target to $3.80 from the previous $3.50, while reaffirming its Overweight rating on the company's shares. These are some of the recent developments in Organogenesis Holdings Inc.
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