Summary: Gayle A. Crowell, a director on the Hercules Capital, Inc. board, acquired 6,600 shares of the company’s common stock on February 23, 2026, paying $15.20 per share for a total outlay of $100,320. The trade was disclosed in a filing signed on February 24, 2026, by Kiersten Zaza Botelho acting as Attorney-in-Fact for Crowell. Following the purchase, Crowell’s direct holdings in Hercules Capital stand at 87,458 shares.
The purchase arrives while HTGC shares are trading at $15.07, close to a 52-week low of $14.96 and down about 20% year-to-date. Market commentary from InvestingPro Tips describes the stock as trading in oversold territory and highlights a 12.88% dividend yield. The InvestingPro platform also notes that its Pro Research Report offers in-depth coverage for HTGC and more than 1,400 U.S. equities.
Company updates and analyst action
In parallel with the insider transaction, Hercules Capital released preliminary fourth-quarter and year-end estimates. The company’s estimated net asset value (NAV) per share as of December 31, 2025, is projected to be in a range between $12.10 and $12.16, which the company characterizes as an increase from the prior quarter.
On the analyst front, Piper Sandler lowered its rating on Hercules Capital from Overweight to Neutral. The firm cited potential risks tied to Hercules Capital’s significant exposure to the software sector amid what it described as artificial intelligence disruption. Piper Sandler also revised its price target for the stock to $17.50 from $20.50.
Loan amendment with Savara
Hercules Capital amended its loan arrangement with Savara Inc., creating the potential for up to an additional $75 million in funding. That incremental capital is stipulated to become available contingent upon FDA approval of Savara’s investigational therapy, MOLBREEVI.
Implications for markets and investors
The filing details, analyst repricing and the company’s NAV update collectively represent a mix of internal positioning and external reassessment. The director-level purchase is a discrete insider transaction recorded at a modest scale relative to institutional flows, while the NAV guidance and loan amendment are operational developments that may influence investor valuation of the firm’s balance sheet and credit exposure.
Filing information
The official filing identifying the transaction was signed by Kiersten Zaza Botelho, Attorney-in-Fact for Gayle Crowell, on February 24, 2026.
Key points
- Gayle A. Crowell purchased 6,600 HTGC shares on February 23, 2026, at $15.20 per share, totaling $100,320.
- Hercules’ estimated NAV per share as of December 31, 2025, is projected between $12.10 and $12.16, an increase from the prior quarter.
- Piper Sandler downgraded HTGC from Overweight to Neutral and lowered the price target to $17.50 from $20.50, citing software sector exposure amid AI disruption.
Risks and uncertainties
- Market risk: HTGC’s share price is near its 52-week low and has declined approximately 20% year-to-date.
- Sector concentration risk: Piper Sandler highlighted potential downside tied to Hercules Capital’s significant exposure to the software sector amid AI disruption.
- Regulatory contingency: The additional $75 million available to Savara under the amended loan is conditional on FDA approval of MOLBREEVI.
These points reflect the information disclosed in company filings, analyst commentary and market data referenced in the transaction notice.