Shares of Tempus AI (TEM) experienced a 5.06% plunge in the 24-hour period leading up to Thursday evening's trading session. This significant decline may be attributed to concerns over the company's valuation following a substantial insider selling by CEO Eric Lefkofsky.
According to reports, Lefkofsky sold a total of 3,342,290 shares of Tempus AI on February 27th at a price of $58.75 per share. This transaction involved shares held by various entities, including Innovation Group Investors, L.P. - 2011 Series, Lightbank Investments 1B, LLC, and Lightbank Global LLC.
Insider selling, particularly by a company's top executive, can often be perceived as a signal of overvaluation or a lack of confidence in the stock's future prospects. Investors may have interpreted Lefkofsky's sizable share sale as an indication that the current stock price may not accurately reflect the company's underlying value, prompting a sell-off and driving down the stock price.
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