William Hoffman, a director at Inari Medical (TASE:PMCN), Inc. (NASDAQ:NARI), a $3.24 billion medical device company with impressive gross profit margins of 87%, recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Hoffman sold shares of Inari Medical common stock totaling approximately $3.34 million. The transactions occurred on December 16, 2024, with prices ranging from $54.33 to $56.89 per share, coming after the stock's strong 24% gain over the past six months.
Following these sales, Hoffman retains ownership of 441,233 shares in the company. The transactions were executed under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. This plan was adopted by Hoffman on December 14, 2023. According to InvestingPro analysis, which offers comprehensive insights through its Pro Research Reports covering 1,400+ stocks, NARI currently shows signs of being slightly overvalued based on its Fair Value assessment.
In other recent news, Inari Medical has been making significant strides in the medical sector. The company reported a record revenue of $153.4 million in Q3 of 2024, marking a 21% year-over-year increase. This growth was largely driven by a 76.4% surge in international sales, particularly in Europe and Latin America. Inari Medical also raised its full-year revenue outlook to between $601.5 million and $604.5 million. Despite recording a GAAP operating loss in the same quarter, the company anticipates operating profitability in the first half of 2025.
Inari Medical's ClotTriever Thrombectomy System for deep vein thrombosis has gained national reimbursement approval in Japan. This development follows the device's regulatory clearance by the Pharmaceuticals and Medical Devices Agency. Additionally, Oppenheimer initiated coverage on Inari Medical with an Outperform rating and a price target set at $75.00, highlighting the company's leading position in the thrombectomy space.
Canaccord Genuity (TSX:CF) and Stifel have both maintained a Buy rating on Inari Medical, demonstrating confidence in the company's growth trajectory. This follows the presentation of the PEERLESS trial results, which showed the superiority of Inari Medical's FlowTriever over catheter-directed thrombolytics for patients with intermediate-risk pulmonary embolism. These recent developments highlight Inari Medical's advancements in the medical devices market.
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