Tonix Pharmaceuticals stock halted ahead of FDA approval news
Jon Christianson, President of Palomar Holdings, Inc. (NASDAQ:PLMR), recently executed several stock transactions, according to a recent SEC filing. The transactions, dated January 26, involved the sale of 371 shares of common stock at a price of $101.69 per share, totaling $37,726. The sale occurred as Palomar’s stock trades near its 52-week high of $112.90, with the company showing impressive momentum through a 79% return over the past year. InvestingPro analysis indicates the stock remains undervalued despite its strong performance.
Additionally, Christianson acquired 1,016 restricted stock units (RSUs) at no cost, which were converted into common stock. The shares sold were part of a mandatory sell-to-cover provision in the RSU agreement to cover tax obligations upon vesting. Following these transactions, Christianson holds 55,771 shares of Palomar Holdings, a company currently valued at $2.9 billion. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access the detailed Pro Research Report, which covers what really matters about Palomar’s financial health and growth prospects.
In other recent news, Palomar Holdings has been the focus of several significant developments. Analysts from Piper Sandler and Keefe, Bruyette & Woods have raised their price targets for the company based on projected earnings for 2025 and 2026. Piper Sandler’s price target was increased to $133, while Keefe, Bruyette & Woods raised its target to $136.
In terms of leadership, Palomar has entered into a new executive employment agreement with its CEO, Mac Armstrong, extending his tenure through 2029. This agreement outlines Armstrong’s compensation and severance terms, providing stability at the executive level for the company.
Additionally, Palomar has appointed Benson Latham as Executive Vice President, Head of Crop. This strategic move is expected to strengthen Palomar’s position in the specialty insurance sector.
On the financial front, Palomar reported substantial growth in its third-quarter performance in 2024. The company’s adjusted net income and total premium growth increased by 39% and 32%, respectively. Furthermore, Palomar anticipates a full-year adjusted net income guidance of $124 million to $128 million, reflecting a 35% increase from 2023. These recent developments underscore Palomar’s strategic focus on growth and expansion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.