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On Tuesday, Benchmark analysts reaffirmed their Speculative Buy rating and $25.00 price target for Genelux Corp. (NASDAQ: GNLX), highlighting the biopharmaceutical company's ongoing progress in developing innovative immunotherapies. Currently trading at $2.27 with a market capitalization of $80.56 million, InvestingPro analysis suggests the stock is undervalued, with analyst targets ranging from $8 to $30 per share. For deeper insights into Genelux's valuation metrics and 13 additional ProTips, explore InvestingPro. Genelux's focus is on employing oncolytic viruses to combat aggressive and challenging solid tumor types. The company reported a solid financial position with $31 million in cash and short-term investments at the end of the quarter, which is expected to sustain operations until the first quarter of 2026.
Genelux's flagship product, Olvi-Vec (olvimulogene nanivacirepvec), is currently undergoing a Phase 3 trial in the United States. This critical study is evaluating Olvi-Vec's safety and efficacy as a treatment for Platinum-Resistant/Refractory Ovarian Cancer (PRROC) in combination with standard platinum-based care. The trial, named OnPrime, is being conducted across 30 sites, and the company plans to release topline data in the latter half of 2025.
Additionally, Genelux has made strides in its VIRO-25 Phase 2 trial, which investigates Olvi-Vec's potential in treating Non-Small-Cell Lung Cancer (NSCLC). The first patient was dosed in October 2024, and interim results are anticipated in the second half of 2025. This follows a positive development in March when Genelux announced encouraging preliminary safety and efficacy data from the dose escalation Phase 1b portion of a Phase 1b/2 clinical trial. This trial examines Olvi-Vec immunochemotherapy in patients with platinum-relapsed or platinum-refractory extensive small cell lung cancer (SCLC). Further interim results from this study are also expected during the second half of 2025.
Benchmark's continued support for Genelux is anchored on the promising developments in the company's clinical trials and its stable financial runway. The company maintains a strong liquidity position with a current ratio of 4.57 and holds more cash than debt on its balance sheet. Notably, the stock shows a negative beta of -0.39, indicating it often moves inversely to the broader market. The firm stands by its Speculative Buy rating and price target for Genelux, reflecting confidence in the company's therapeutic pipeline and its potential to address unmet medical needs in oncology. InvestingPro subscribers can access detailed financial health scores and comprehensive analysis of Genelux's market position.
In other recent news, Genelux Corporation reported its fourth-quarter 2024 operating expenses at $9.7 million, marking an increase due to the commencement of a study on recurrent non-small cell lung cancer in the U.S. The company's earnings per share for the quarter was a loss of ($0.26), while the full year's operating expenses totaled $31.7 million with an annual EPS of ($0.95). Analysts from H.C. Wainwright maintained a Buy rating with a $30 price target, reflecting confidence in Genelux's future despite increased expenses. Benchmark analysts also reiterated a Speculative Buy rating with a $25 price target following positive preliminary safety and efficacy data from a clinical trial of Olvi-Vec. This trial demonstrated a 71% disease control rate in patients with platinum-relapsed or platinum-refractory extensive small cell lung cancer. In corporate developments, Genelux appointed Matthew Pulisic as Chief Financial Officer, succeeding Lourie Zak. Pulisic brings extensive experience from previous roles, including Vice President of Finance at Arrowhead Pharmaceuticals (NASDAQ:ARWR). These changes in the executive team align with Genelux's strategy to strengthen leadership as it advances its clinical trials.
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