Tempus AI chief legal officer Erik Phelps sells shares worth $5.07m

Published 21/02/2025, 01:58
Tempus AI chief legal officer Erik Phelps sells shares worth $5.07m

Tempus AI , Inc. (NASDAQ:TEM) reported that Erik Phelps, the company’s Executive Vice President and Chief Administrative and Legal Officer, sold a significant portion of his holdings in the company. The timing is notable as the stock has declined 14% over the past week, according to InvestingPro data, despite being up 127% year-to-date. According to a recent filing, Phelps sold shares of Tempus AI valued at approximately $5.07 million on February 18, 2025. The shares were sold at prices ranging from $79.63 to $90.58, near the stock’s 52-week high of $91.45. Phelps continues to hold 153,080 shares following these transactions in the company, which currently maintains a market capitalization of $14.08 billion.

Additionally, Phelps executed further sales on February 19, 2025, totaling $73,932, with the shares sold at prices between $81.83 and $82.36. These sales were part of a pre-established trading plan under Rule 10b5-1, adopted by Phelps in September 2024. The transactions also included sales necessary to cover tax obligations related to the vesting of restricted stock units. InvestingPro analysis suggests the stock is currently in overbought territory, with 10 additional exclusive insights available for subscribers.

In other recent news, Tempus AI Inc. has completed the acquisition of Ambry Genetics, a move expected to enhance its product offerings and open new market opportunities. TD Cowen has responded by upgrading Tempus AI’s stock rating to a Buy and raising the price target to $74, citing the acquisition’s potential for revenue growth and margin expansion. The deal, valued at $600 million, includes $375 million in cash and $225 million in shares, with Ambry Genetics continuing as a wholly-owned subsidiary. This acquisition is poised to contribute over $300 million in revenue, despite Ambry’s slower growth rate. Meanwhile, Tempus AI has launched olivia, a personal health concierge app designed to centralize patient health data and provide AI-driven insights. The app integrates with over 1,000 health systems, offering features like Smart Profile Summary and AI-enabled Notetaker to enhance patient care. Tempus AI’s CEO, Eric Lefkofsky, emphasized the company’s focus on improving patient outcomes through data and AI. These developments highlight Tempus AI’s strategic expansions in both acquisitions and technology-driven patient care solutions.

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