TRUP - Trupanion sinks amid report that questions New York rate increase

2023-06-30 07:28:36 ET

Trupanion ( NASDAQ: TRUP ) slumped 14% in premarket trading amid a report that questions whether New York State approved a rate increase for the pet insurer.

The item quotes an official from the New York Department of Financial Services who claims that the new rates were submitted to the regulator and that it's aware of them, according to a post from The Canine Review on Twitter. The official claims the regulator still "retains the authority to object to aspects of the rate filing."

The report comes after Trupanion ( TRUP ) said last Thursday that California approved a 12% rate increase and New York approved its request for an 18% rate increase. The disclosure from the pet insurer came after its shares plunged 18% last Wednesday after California sent an objection letter to the pet insurance company's proposed rate increase.

Stifel analyst Jonathan D. Block said at the time that California was cutting the pending rate increase to 12.6% from the 28% rate that Trupanion ( TRUP ) requested.

Trupanion ( TRUP ) didn't immediately respond to Seeking Alpha's email request before business hours.

Trupanion's ( TRUP ) short interest is 35%.

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