Tempus AI (TEM) stock experienced a significant plummet of 7.79% during Friday's trading session, following a substantial insider selling by CEO Eric Lefkofsky on the previous day.
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 by investors as a signal of overvaluation or a lack of confidence in the stock's future prospects. Lefkofsky's sizable share sale may have been interpreted 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 during the intraday trading session.
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