Allovir's general counsel Edward Miller sells $180 in stock

Edward Miller, General Counsel of Allovir, Inc. (NASDAQ:ALVR), recently sold shares of the company's common stock, according to an SEC filing. The company, currently valued at $46.5 million, has seen its stock price decline by 45% over the past six months and is trading near its 52-week low of $0.40. The transaction, dated January 10, involved the sale of 409 shares at a weighted average price of $0.4401, totaling approximately $180. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units and was automatic, not at Miller's discretion. Following the transaction, Miller directly owns 153,541 shares of Allovir, while an additional 346,348 shares are held indirectly by The Miller Family 2019 Irrevocable Dynasty Trust. According to InvestingPro, the company maintains strong liquidity with a current ratio of 86.78 and holds more cash than debt on its balance sheet. Discover 8 more key insights about ALVR with an InvestingPro subscription.

In other recent news, AlloVir, Inc. has announced a reverse stock split, set to take effect on January 16. The move was approved by the Board of Directors and will be executed at a one-for-twenty-three ratio. This action is part of AlloVir's strategy leading up to a proposed merger with Kalaris Therapeutics, Inc.

In addition to the stock split, AlloVir has seen a change in leadership. Recently, Vikas Sinha, an industry veteran with over two decades of experience, has stepped into the role of Chief Executive Officer. This follows the departure of former CEO, Diana Brainard.

Despite facing profitability challenges, AlloVir maintains a strong liquidity position. The company's next earnings report is due on February 12. InvestingPro analysts have set price targets reaching $1.50 for the company. These are some of the recent developments at AlloVir, Inc.

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