Tonix Pharmaceuticals stock halted ahead of FDA approval news
In recent transactions reported by Palomar Holdings, Inc. (NASDAQ:PLMR), Chief Financial Officer Christopher Uchida sold shares valued at $40,743. According to the SEC filing, Uchida sold 390 shares of common stock at a price of $104.47 per share on January 31, 2025. This sale was part of a mandatory sell-to-cover provision related to tax obligations from a restricted stock unit (RSU) vesting event. The transaction occurs as Palomar, now valued at $2.82 billion, has demonstrated remarkable performance with an 82.68% return over the past year.
Additionally, Uchida acquired 1,054 shares of common stock through the vesting of RSUs, with no monetary exchange involved. This transaction did not affect the overall cash flow, as the RSUs were acquired at a price of $0.00 per share.
Following these transactions, Uchida’s direct ownership in Palomar Holdings stands at 18,509 shares, which includes shares purchased through the company’s 2019 Employee Stock Purchase Plan.
In other recent news, Palomar Holdings has experienced several significant developments. Piper Sandler increased the company’s price target to $133 from $119 while maintaining an Overweight rating, reflecting positive expectations for primary insurers in 2025. This adjustment was based on an estimated 19 times the projected earnings per share (EPS) of $6.80 for the year 2026.
In addition, Palomar’s CEO, Mac Armstrong, has secured a new employment agreement extending his tenure through January 1, 2029. The agreement outlines Armstrong’s compensation, including an annual base salary of $1,250,000, potential bonuses, and long-term incentive awards.
Piper Sandler also raised its price target for Palomar to $119 from $110, based on a multiple of approximately 17 times the forward (2026E) earnings estimate of $6.80 per share. Meanwhile, Keefe, Bruyette & Woods increased its price target for the company to $136, up from the previous $120, maintaining an Outperform rating on the stock.
Lastly, Palomar welcomed Benson Latham as Executive Vice President, Head of Crop. With his extensive experience in the Crop insurance industry, Latham is expected to lead Palomar’s Crop insurance operations effectively. These recent developments highlight the ongoing strategic efforts and positive growth outlook for Palomar Holdings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.