Pulmonx (NASDAQ:LUNG) CEO Glendon French III Sells 41,882 Shares of Stock

Key Points

• CEO Glendon French III sold 41,882 Pulmonx shares for approximately $94,653 at an average price of $2.26. The transaction covered tax withholding obligations from vested equity awards, leaving him with 1,137,936 shares.
• Pulmonx shares fell 0.9% to $2.26, while the company reported quarterly revenue of $22.76 million and an adjusted loss of $0.24 per share, beating analyst estimates.
• Analysts give Pulmonx a “Moderate Buy” consensus rating with a $7.67 price target, and institutional investors own approximately 91.04% of the company.

Pulmonx Corporation (NASDAQ:LUNG - Get Free Report) CEO Glendon French III sold 41,882 shares of Pulmonx stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $2.26, for a total value of $94,653.32. Following the completion of the transaction, the chief executive officer owned 1,137,936 shares of the company's stock, valued at approximately $2,571,735.36. This represents a 3.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Pulmonx Trading Down 0.9%

LUNG stock traded down $0.02 during midday trading on Thursday, reaching $2.26. 284,129 shares of the company traded hands, compared to its average volume of 512,534. Pulmonx Corporation has a 52-week low of $1.13 and a 52-week high of $2.89. The company has a debt-to-equity ratio of 0.95, a quick ratio of 3.52 and a current ratio of 4.32. The business has a 50 day moving average of $1.79 and a 200-day moving average of $1.56. The firm has a market capitalization of $97.07 million, a price-to-earnings ratio of -1.95 and a beta of 0.34.

Pulmonx (NASDAQ:LUNG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported ($0.24) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.04. Pulmonx had a negative return on equity of 96.66% and a negative net margin of 55.03%.The firm had revenue of $22.76 million during the quarter, compared to analysts' expectations of $22.39 million. As a group, sell-side analysts expect that Pulmonx Corporation will post -1.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LUNG shares. Wall Street Zen upgraded shares of Pulmonx from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Weiss Ratings raised shares of Pulmonx from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 25th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Pulmonx presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.67.

Institutional Trading of Pulmonx

Institutional investors and hedge funds have recently made changes to their positions in the business. Stonepine Capital Management LLC bought a new position in shares of Pulmonx in the second quarter worth about $1,060,067. Parkman Healthcare Partners LLC purchased a new stake in Pulmonx in the 2nd quarter valued at about $841,000. ADAR1 Capital Management LLC bought a new position in Pulmonx in the 2nd quarter worth about $526,000. Deutsche Bank AG purchased a new position in shares of Pulmonx during the second quarter worth approximately $523,000. Finally, Primecap Management Co. CA bought a new stake in shares of Pulmonx during the second quarter valued at approximately $5,996,000. 91.04% of the stock is currently owned by institutional investors.

About Pulmonx

Pulmonx Corporation is a commercial-stage medical device company focused on bronchoscopic lung volume reduction for patients suffering from severe emphysema. The company's flagship therapy, the Zephyr® Endobronchial Valve System, employs one-way valves delivered via a minimally invasive bronchoscopic procedure to collapse diseased portions of the lung, reducing hyperinflation and improving respiratory function. Complementing this treatment, Pulmonx offers the Chartis® Pulmonary Assessment System, which provides clinicians with quantitative measurements of collateral ventilation to aid in patient selection and optimize clinical outcomes.

The Zephyr Valve received the CE mark in Europe in 2008 and FDA approval in the United States in 2018, and it has since been adopted by leading respiratory and thoracic centers across North America and Europe.

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