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Procept Biorobotics executive Alaleh Nouri sells $2.73 million in stock

Published 07/12/2024, 08:22 am
PRCT
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SAN JOSE, CA—Alaleh Nouri, Executive Vice President and Chief Legal Officer at PROCEPT BioRobotics Corp (NASDAQ:PRCT), recently executed significant stock transactions, as detailed in a recent SEC filing. On December 4, Nouri sold common stock valued at approximately $2.73 million. The shares were sold at prices ranging from $96.12 to $97.90. The transaction comes as PROCEPT BioRobotics, now valued at $5.06 billion, has seen its stock surge over 123% year-to-date, according to InvestingPro data.

In addition to the sales, Nouri exercised stock options, acquiring shares at prices between $7.27 and $37.02, totaling $679,336. Following these transactions, Nouri's direct ownership in PROCEPT BioRobotics stands at 52,472 shares.

The transactions were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock in accordance with insider trading laws.

In other recent news, Procept BioRobotics has been the focus of several analyst reports. Morgan Stanley (NYSE:MS) initiated coverage on the company with an Overweight rating, citing the company's strong financial health and impressive revenue growth. Jefferies, however, maintained a Hold rating, despite acknowledging the potential of the company's newly approved Hydros system to encourage surgeon adoption and initiate a replacement cycle for older systems. Meanwhile, Truist Securities maintained a Buy rating on Procept BioRobotics, raising its price target following the company's strong third-quarter performance. Despite surpassing both BTIG's and consensus estimates, BTIG maintained a Neutral rating on the company.

These recent developments come on the heels of a robust 66% year-over-year increase in revenues for the third quarter of 2024, totaling approximately $58.4 million. This success is largely attributed to the company's Hydros units, which accounted for around 80% of system placements in the third quarter. In response to these positive results, Procept BioRobotics revised its full-year 2024 guidance to a range of $222.5 million to $223.0 million, up from the previous forecast of $217.0 million.

Additionally, Procept BioRobotics has 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. The company also announced a new clinical trial for Aquablation therapy, further expanding its product offerings. These recent developments suggest a robust outlook for the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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