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Allovir's chief accounting officer sells $146 in common stock

Published 13/01/2025, 22:18
Allovir's chief accounting officer sells $146 in common stock
KLRS
14.94%

Allovir, Inc. (NASDAQ:ALVR) recently reported that Brett R. Hagen, the company's Chief Accounting Officer, sold 332 shares of common stock on January 10, 2025. The sale, valued at approximately $146, was executed at a weighted average price of $0.4401 per share. The transaction comes as ALVR trades near its 52-week low, with the stock down about 45% over the past six months. According to InvestingPro analysis, the company appears undervalued at its current market cap of $46.5M. This transaction was made to cover tax withholding obligations following the vesting of restricted stock units. Post-transaction, Hagen holds 68,174 shares directly. While the company faces profitability challenges, InvestingPro data shows it maintains strong liquidity with a current ratio of 86.78, indicating robust short-term financial health.

In other recent news, AlloVir has undergone several significant changes. The company announced a reverse stock split, set to take effect on January 16, 2025, at a ratio of one-for-twenty-three. This move is part of AlloVir's strategy leading up to a proposed merger with Kalaris Therapeutics, Inc., as detailed in filings with the Securities and Exchange Commission.

In addition to these structural changes, AlloVir has seen a leadership transition. Vikas Sinha, a veteran in the life sciences industry, has stepped into the role of Chief Executive Officer, following the departure of former CEO, Diana Brainard.

These recent developments come amidst financial challenges for AlloVir, despite a strong liquidity position. The company's next earnings report is due on February 12, 2025, with analyst price targets reaching $1.50, according to InvestingPro analysis. However, AlloVir emphasizes that this information does not constitute an offer to sell or buy securities, nor a solicitation of any vote or approval with respect to the proposed merger.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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