William Hoffman, a director at Inari Medical (TASE:PMCN), Inc. (NASDAQ:NARI), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Hoffman sold a total of 200,000 shares of Inari Medical stock on January 6, 2025. The stock has shown remarkable momentum, surging over 53% in the past week and currently trades near its 52-week high of $79.69.
The transactions were executed at prices ranging from $60.00 to $61.99 per share, resulting in a total sale value of approximately $12.1 million. Following these sales, Hoffman retains ownership of 238,987 shares in the company. According to InvestingPro analysis, the stock appears overvalued at its current market cap of $4.64 billion. Subscribers can access 12 additional ProTips and comprehensive valuation metrics for NARI.
These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which Hoffman adopted in December 2023.
In other recent news, Inari Medical has been a key player in several significant developments. Stryker Corporation (NYSE:SYK) has agreed to acquire Inari Medical for $80 per share, a deal that values the company at approximately $4.9 billion. This merger is expected to enhance Stryker's neurology franchise and provide an entry into the peripheral vascular sector.
In response to this acquisition, multiple analyst firms including BTIG, Piper Sandler, Baird, and Canaccord Genuity have adjusted their stock ratings and price targets for Inari Medical. Most notably, BTIG downgraded Inari Medical from Buy to Neutral, while Piper Sandler, Baird, and Canaccord Genuity have revised their price targets to $80.
In addition to these major developments, Inari Medical reported a record third-quarter revenue of $153.4 million, a 21% year-over-year increase, and raised its full-year revenue outlook to between $601.5 million and $604.5 million. Furthermore, Inari's ClotTriever Thrombectomy System for deep vein thrombosis has received national reimbursement approval in Japan, further solidifying its market position. These are the recent developments in the continuing story of Inari Medical.
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