In a recent filing with the Securities and Exchange Commission, Reza Zadno, the President and CEO of PROCEPT BioRobotics Corp (NASDAQ:PRCT), disclosed the sale of company stock valued at approximately $2.58 million. The transactions, which occurred on November 27, 2024, involved the sale of 26,420 shares of common stock. The sale comes as PROCEPT BioRobotics, now valued at $5.17 billion, has seen its stock surge 128% year-to-date, according to InvestingPro data.
The shares were sold at prices ranging from $97.25 to $99.96 per share, near the stock's 52-week high of $103.81. Following these transactions, Zadno holds 179,185 shares of PROCEPT BioRobotics directly. The sales were executed as part of a pre-arranged Rule 10b5-1 trading plan, which was adopted on August 8, 2024. InvestingPro subscribers can access 12 additional investment tips and a comprehensive Pro Research Report for deeper insights into PROCEPT's financial health and growth prospects.
In other recent news, Procept BioRobotics has been the subject of several key developments. Morgan Stanley (NYSE:MS) initiated coverage with an Overweight rating, acknowledging the company's strong performance and potential for further growth. Truist Securities maintained a Buy rating, raising its price target to $105 following the company's robust third-quarter performance, which showcased a 66% year-over-year increase in revenues, largely attributed to the company's Hydros units. On the other hand, Jefferies and BTIG have maintained Hold and Neutral ratings respectively, despite acknowledging the company's significant strides in the urology market and strong financial results.
Procept BioRobotics has also initiated a public offering of common stock valued at $175 million, with BofA Securities, Piper Sandler, and Morgan Stanley serving as the joint book-running managers. Furthermore, the company has announced a new clinical trial for Aquablation therapy, expanding its product offerings.
These developments reflect the recent activities of Procept BioRobotics, as it continues to make significant strides in the market with its minimally invasive, robotic surgical solutions. The company's robust financial health and promising projections have been noted by several analyst firms, signifying its potential for continued growth.
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