Tonix Pharmaceuticals stock halted ahead of FDA approval news
These shares were automatically sold by the company on behalf of Mac to cover tax obligations related to the vesting of restricted stock units (RSUs). Following this transaction, Mac holds 62,639 shares directly, with an additional 412,388 shares held indirectly through the Armstrong Family Trust. The sale was part of a mandatory sell-to-cover provision included in the RSU award agreement. With the company’s market capitalization at $2.9 billion and P/E ratio of 25.1, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research reports. With the company’s market capitalization at $2.9 billion and P/E ratio of 25.1, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research reports. These shares were automatically sold by the company on behalf of Mac to cover tax obligations related to the vesting of restricted stock units (RSUs).
Following this transaction, Mac holds 62,639 shares directly, with an additional 412,388 shares held indirectly through the Armstrong Family Trust. The sale was part of a mandatory sell-to-cover provision included in the RSU award agreement.
In other recent news, Palomar Holdings (NASDAQ:PLMR) experienced significant developments in its business operations and market outlook. The company reported an increase in its third-quarter performance in 2024, with adjusted net income and total premium growth rising by 39% and 32% respectively. This growth was primarily driven by gains in the Earthquake, Casualty, and Crop insurance segments. Palomar’s strategic focus on expansion was also evident as the company raised $160 million in equity, intending to capitalize on market dislocations and grow its crop business.
Investment firms Piper Sandler and Keefe, Bruyette & Woods both increased their price targets for Palomar, reflecting their confidence in the company’s growth prospects. Piper Sandler raised its target to $133, while Keefe, Bruyette & Woods set a new target of $136. These adjustments were based on earnings estimates for the year 2026 and reflect the firms’ positive outlook on Palomar’s future performance.
Additionally, Palomar announced a new executive employment agreement with its CEO and Chair of the Board, Mac Armstrong. The agreement extends Armstrong’s tenure through January 1, 2029, offering stability at the executive level. The company also appointed Benson Latham as Executive Vice President, Head of Crop, marking a significant development in Palomar’s leadership.
Lastly, potential risks to Palomar’s price target were noted by analysts, including the company’s focus on niche lines of business, which may be affected by changes in competition and regulatory adjustments. These factors could influence the company’s performance and the accuracy of the price target. Despite these potential risks, Palomar remains on track to meet its Palomar 2X goal, which aims to double its adjusted underwriting income in three years.
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