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Brett R. Hagen, the Chief Accounting Officer of Allovir, Inc. (NASDAQ:ALVR), a company with a market capitalization of $49.2 million, recently sold a total of $342 worth of the company's common stock. The transactions took place on January 23, 2025, and involved the sale of 36 shares at prices ranging from $9.4538 to $9.9402 per share. These sales were executed to cover tax withholding obligations related to the vesting of restricted stock units and were automatic in nature. Following these transactions, Hagen now holds 2,928 shares of Allovir's common stock. The stock has shown strong momentum with an 8.94% gain over the past week, though it remains well below its 52-week high of $24.15. InvestingPro analysis suggests the stock may be undervalued, with additional insights available to subscribers.
In other recent news, AlloVir, Inc. has completed a reverse stock split at a 1-for-23 ratio. This adjustment is part of the company's strategic response to a stock decline over the past months and is expected to adjust the exercise prices and the number of shares underlying AlloVir's outstanding equity awards. The company has also announced an upcoming merger with Kalaris Therapeutics, Inc., as detailed in filings with the Securities and Exchange Commission.
In addition, AlloVir has seen 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 facing profitability challenges, AlloVir maintains a strong liquidity position. The reverse stock split and leadership change are strategic initiatives aimed at addressing these challenges. According to InvestingPro analysis, AlloVir's stock appears undervalued against its Fair Value. Investors can expect AlloVir's next earnings report on February 12, 2025, providing a further update on the company's financial health.
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