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In a recent transaction, Vikas Sinha, a director and executive at Allovir, Inc. (NASDAQ:ALVR), a company currently valued at $49.21 million, sold shares of the company's common stock valued at approximately $1,225. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment. The shares were sold at prices ranging from $9.45 to $9.94 per share, with the stock showing strong momentum with an 8.94% gain over the past week. This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following the sale, Sinha holds 49,432 shares directly, with additional shares held through ElevateBio, where Sinha serves as a director and Chief Financial Officer. InvestingPro subscribers can access 7 additional key insights about ALVR's financial health and market position.
In other recent news, AlloVir, Inc. has seen a series of developments. The biotechnology company completed a reverse stock split at a 1-for-23 ratio, a move that followed a nearly 50% decline in the company's stock over the past six months. The reverse stock split is part of AlloVir's strategy leading up to a proposed merger with Kalaris Therapeutics, Inc.
In addition to the stock split, AlloVir announced a leadership change with Vikas Sinha stepping into the role of Chief Executive Officer, following the departure of former CEO, Diana Brainard. Sinha brings over two decades of experience in the life sciences industry to his new role.
Despite profitability challenges, AlloVir maintains a strong liquidity position. Investors can expect AlloVir's next earnings report on February 12, 2025, providing an update on the company's financial health. These are the recent developments within AlloVir, Inc.
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