Genelux Corp (NASDAQ:GNLX) President and CEO, Zindrick Thomas, recently sold 14,315 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction comes as the stock trades at $2.29, down roughly 83% year-to-date, though InvestingPro analysis suggests the shares are currently undervalued. The shares were sold on December 16 at a price of $2.34 each, totaling $33,497. This transaction was made to cover estimated taxes related to the vesting of restricted stock units. Following this sale, Thomas retains ownership of 37,372 shares, which includes 1,480 shares acquired through the company's Employee Stock Purchase Plan in mid-November. The company, currently valued at $82 million, maintains a strong liquidity position with a current ratio of 6.47 and more cash than debt on its balance sheet. InvestingPro subscribers can access additional insights, including 8 more key tips about Genelux's financial health and market position.
In other recent news, Genelux has reported noteworthy developments across its financial and clinical operations. The company's Q3 earnings report led to H.C. Wainwright adjusting the financial outlook for Genelux shares, lowering the price target to $30 from $32, while maintaining a Buy rating. Genelux's collaboration with Newsoara Biopharma in China was also highlighted, with the Phase 1b/2 trial for Small Cell Lung Cancer (SCLC) progressing as planned.
Genelux has initiated a Phase 2 trial for Olvi-Vec, aimed at non-small cell lung cancer (NSCLC) patients, with interim data expected by mid-2025. Furthermore, the company is conducting a Phase 3 trial for Olvi-Vec in combination with chemotherapy for ovarian cancer. In addition, Genelux is advancing with a Phase 1b/2 trial in China for recurrent SCLC.
Analysts from Guggenheim, Roth/MKM, and Benchmark have provided their perspectives on Genelux. Guggenheim initiated coverage with a Buy rating and a price target of $8, while Roth/MKM initiated coverage with a Buy rating and a price target of $10. Benchmark, on the other hand, revised its price target to $25 from $30, maintaining a Speculative Buy rating.
In terms of financial developments, Genelux recently raised $27.5 million through an equity offering of 6.875 million shares. However, the company also announced the resignation of Caroline Jewett, Vice President and Head of Quality, effective October 18, 2024. These are among the recent developments as Genelux continues to advance its cancer treatment pipeline.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.