Theodore Leonsis, a director at Tempus AI, Inc. (NASDAQ:TEM), recently sold a significant portion of his holdings in the company. The transaction comes as the stock has fallen nearly 19% over the past week, according to InvestingPro data. According to a recent filing, Leonsis sold 400,000 shares of Tempus AI's Class A Common Stock, generating approximately $16.5 million. The sales were executed at prices ranging from $40.73 to $41.60 per share in the $7.32 billion market cap company.
In addition to the sales, Leonsis also reported the acquisition of 210,000 shares through the exercise of stock options at a price of $0.8542 per share. This transaction resulted in a total value of $179,382.
The transactions were carried out indirectly through Revolution Growth III, LP and Revolution Growth Management Company, Inc., entities associated with the reporting person. Following these transactions, Leonsis continues to hold a substantial number of shares in Tempus AI.
In other recent news, Tempus AI has been in the spotlight due to a series of significant developments. Following the company's recent earnings report, Piper Sandler increased the stock's price target from $40 to $70, but maintained a Neutral rating. Meanwhile, Stifel downgraded the stock from Buy to Hold, but raised the price target to $65. Needham also raised its stock price target to $56, maintaining a Buy rating.
Tempus AI's acquisition of genetics firm Ambry has been viewed as a strategic move that could introduce immediate genomics capabilities and lead to significant opportunities in data and applications over time. The company has also partnered with Avacta Therapeutics to utilize AI in advancing oncology drug development, granting Avacta access to Tempus's comprehensive multimodal datasets.
Furthermore, Tempus AI's Tempus ECG-AF device, which uses artificial intelligence to identify patients at a higher risk of atrial fibrillation/flutter, has recently received FDA clearance. These are some of the recent developments that have been shaping Tempus AI's trajectory.
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