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On Monday, H.C. Wainwright reiterated its Buy rating on Genelux Corp. (NASDAQ:GNLX) with a steady price target of $30.00, representing significant upside from the current trading price of $3.08. According to InvestingPro data, analyst consensus remains strongly bullish with targets ranging from $8 to $30. The reaffirmation comes after the biopharmaceutical company’s annual 10-K filing was released following the market close on Friday. Analysts at the firm have updated their financial model to reflect the fourth quarter of 2024 and the full year’s earnings, alongside revised estimates for the future.
Genelux reported its fourth-quarter 2024 operating expenses at $9.7 million, an increase from the third quarter, attributed to costs related to the commencement of a study on recurrent non-small cell lung cancer (NSCLC) in the United States. For the same quarter, the company’s earnings per share (EPS) was recorded at a loss of ($0.26). The full year’s operating expenses amounted to $31.7 million, with an annual EPS of ($0.95). InvestingPro analysis shows the company maintains a healthy current ratio of 4.57, though it’s quickly burning through cash with negative free cash flow of $21.61 million.
Looking forward, H.C. Wainwright analysts estimate that Genelux’s operating expenses for the year 2025 will reach $41.3 million. This projection is based on anticipated higher spending due to ongoing clinical trials, including a Phase 3 study for ovarian cancer and a Phase 2 study for recurrent NSCLC. The firm’s analysts have factored these developments into their financial model updates.
The analyst’s commentary highlighted the recent corporate updates from Genelux, which were detailed in a previous note last week. The current focus, however, is solely on the updated model that takes into account the company’s latest earnings and projected estimates. Despite the increased expenses and ongoing investment in clinical trials, H.C. Wainwright remains positive on Genelux’s stock, maintaining both the Buy rating and the $30 price target.
In other recent news, Genelux Corporation has reported promising results from its Phase 1b/2 trial of Olvi-Vec immunochemotherapy, aimed at treating patients with platinum-relapsed or platinum-refractory extensive small cell lung cancer. The trial demonstrated a 71% disease control rate among participants, with two patients showing a partial response, and the treatment was generally well-tolerated. Analysts at Benchmark maintained a Speculative Buy rating with a $25 price target, while H.C. Wainwright reaffirmed a Buy rating with a $30 price target, underscoring confidence in Olvi-Vec’s potential. Additionally, Genelux has appointed Matthew Pulisic as its new Chief Financial Officer, following Lourie Zak’s departure. Pulisic, who brings over 19 years of biopharmaceutical industry experience, previously held financial leadership roles at Arrowhead Pharmaceuticals (NASDAQ:ARWR) and Amgen (NASDAQ:AMGN). His appointment is part of Genelux’s strategy to enhance its executive team as it advances its clinical programs. The company has filed the necessary documents with the SEC, with further details expected in their next quarterly report.
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