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Andrew Polovin, the Executive Vice President and General Counsel at Tempus AI , Inc. (NASDAQ:TEM), executed a series of stock sales totaling approximately $5.3 million, according to a recent SEC filing. The transactions, conducted on February 18 and 19, involved the sale of non-derivative Class A common stock at prices ranging from $79.63 to $91.00 per share. The sales occurred near the stock’s 52-week high of $91.45, with TEM shares showing remarkable momentum, having gained 127% year-to-date according to InvestingPro data.
The bulk of the sales occurred on February 18, with Polovin selling shares at various prices within the specified range, amounting to a total of $5,299,819. Additionally, on February 19, he sold shares to cover statutory tax obligations, totaling $454,469, with prices ranging from $81.83 to $82.36. The stock has since experienced a 14% decline over the past week, with InvestingPro analysis indicating overbought conditions.
Following these transactions, Polovin’s direct ownership stands at 170,428 shares of Tempus AI, currently valued at approximately $13 million based on the company’s $14.08 billion market capitalization. The sales were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling stocks. InvestingPro subscribers can access 9 additional exclusive insights about TEM’s valuation and financial health.
In other recent news, Tempus AI has made significant strides with the completion of its acquisition of Ambry Genetics, a strategic move expected to enhance its product offerings and expand into new markets. This acquisition brings a profitable germline testing laboratory generating over $300 million in revenue to Tempus AI’s portfolio. Analysts at TD Cowen have responded positively by upgrading Tempus AI’s stock rating to a Buy and raising the price target to $74, citing the acquisition’s potential for growth and margin expansion. Additionally, Tempus AI has launched a new personal health concierge app, olivia, which aims to centralize patient health data and provide AI-driven insights. This app integrates with over 1,000 health systems and various health devices, offering features like a Smart Profile Summary and AI-enabled Notetaker. The market has reacted favorably to these developments, with Tempus AI’s stock reflecting investor confidence in the company’s growth trajectory. Eric Lefkofsky, Founder and CEO of Tempus, emphasized the company’s focus on improving patient outcomes through data and AI. The launch of olivia is seen as a significant step in advancing precision medicine and enhancing patient care.
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