Roger E. Susi, who serves as CEO, president, and chairman of Iradimed Corporation (NASDAQ: IRMD), completed a series of stock sales on April 6 and April 7, 2026, disposing of a total of 7,490 shares of the company's common stock. The block trades were carried out at prices ranging from $94.36 to $96.78 and amounted to $717,207 in aggregate value.
The transactions were executed under a pre-arranged 10b5-1 trading plan that Susi adopted on November 5, 2025. All sales were made indirectly through the Phillip Susi 2008 Dynasty Trust, according to the filings detailing the trades.
Transaction specifics by date and tranche are as follows:
- April 6: 1,357 shares sold at a weighted average price of $95.21;
- April 6: 3,074 shares sold at a weighted average price of $96.24;
- April 6: 569 shares sold at a weighted average price of $96.78;
- April 7: 1,518 shares sold at $94.36;
- April 7: 982 shares sold at $95.58.
Following these dispositions, Susi still indirectly maintains significant holdings in Iradimed through multiple trusts. The Phillip Susi 2008 Dynasty Trust holds 2,217,500 shares indirectly. In addition, Susi is reported to indirectly hold 162,950 shares through the Roger E. Susi Revocable Trust and 2,062,500 shares through the Matthew Susi 2008 Dynasty Trust.
At the time of the reported sales, IRMD was trading at $93.33 and had returned 97% over the prior year. Independent valuation analysis referenced in the filing characterized the stock as appearing overvalued, citing a price-to-earnings ratio of 53.31 and noting that this multiple sits substantially above the company’s near-term earnings growth prospects. The company is listed on a most overvalued stocks compilation, with further analysis available in the referenced Pro Research Report.
Separately, Iradimed released fourth-quarter 2025 financial results that surpassed analyst expectations for both earnings per share and revenue. Those stronger-than-expected results represent a positive earnings surprise for the period and were disclosed alongside the insider trades.
In addition to the quarterly results, Freedom Broker initiated coverage of Iradimed with a buy rating and established a $116.00 price target. That valuation was produced using a five-year discounted cash flow model built on free cash flow to the firm. The initiation of coverage and the price objective accompany the company’s reported quarterly performance.
The sales by the company’s chief executive were conducted under a documented trading plan and were executed through trust vehicles. The filings also make clear the continuing concentration of Susi-related holdings across multiple trusts, with combined indirect positions numbering in the millions of shares.
Key points
- Roger E. Susi sold 7,490 IRMD shares on April 6-7, 2026, in transactions totaling $717,207 under a 10b5-1 plan.
- After the sales, Susi-related trusts continue to hold large indirect positions: 2,217,500 shares via the Phillip Susi 2008 Dynasty Trust; 162,950 via the Roger E. Susi Revocable Trust; and 2,062,500 via the Matthew Susi 2008 Dynasty Trust.
- IRMD reported better-than-expected fourth-quarter 2025 earnings and revenue, and Freedom Broker initiated coverage with a buy rating and a $116.00 target based on a five-year DCF.
Risks and uncertainties
- Valuation risk - The stock is described as appearing overvalued with a P/E of 53.31 relative to near-term earnings growth expectations.
- Concentration risk - Significant indirect shareholdings remain in Susi-related trusts, which could influence future insider-related filings and disclosures.
- Model sensitivity - The $116.00 price target from Freedom Broker is driven by a five-year discounted cash flow analysis and is therefore sensitive to the model assumptions underlying free cash flow to the firm.