Zak Lourie, the Chief Financial Officer of GENELUX Corp (NASDAQ:GNLX), recently sold 2,103 shares of the company's common stock. The shares were sold at an average price of $2.34 each, amounting to a total transaction value of $4,921. Following this sale, Lourie holds 40,802 shares in the company. The transaction comes amid a challenging year for GENELUX, with shares down nearly 83% year-to-date. According to InvestingPro analysis, the company, currently valued at $81.85 million, appears undervalued despite facing significant cash burn challenges.
The transaction was carried out to cover estimated taxes related to the vesting of restricted stock units. InvestingPro subscribers have access to 8 additional key insights about GENELUX's financial health and future prospects. Additionally, Lourie's current holdings include 4,477 shares acquired through the company's Employee Stock Purchase Plan in November 2024.
In other recent news, Genelux Corp. has been a focal point of multiple analyst notes and significant clinical developments. H.C. Wainwright revised its financial outlook for Genelux, lowering the price target to $30 from $32, while maintaining a Buy rating on the stock, following Genelux's 3Q earnings report. Guggenheim initiated coverage on Genelux with a Buy rating and a price target of $8, emphasizing the company's ongoing pivotal Phase III trial of Olvi-vec in treating platinum-resistant/refractory ovarian cancer.
Conversely, Roth/MKM and Benchmark offered their perspectives, initiating coverage with a Buy rating and a price target of $10 and revising its price target to $25 from $30, maintaining a Speculative Buy rating, respectively. Genelux has been advancing its cancer treatment pipeline with the initiation of a Phase 2 trial for Olvi-Vec targeted at non-small cell lung cancer (NSCLC) patients, with interim data expected by mid-2025.
Moreover, Genelux is conducting a Phase 3 trial for Olvi-Vec in combination with chemotherapy for ovarian cancer and a Phase 1b/2 trial in China for recurrent Small Cell Lung Cancer. Genelux's financial developments include a recent equity offering of 6.875 million shares, raising $27.5 million. Lastly, the company announced the resignation of Caroline Jewett, Vice President and Head of Quality. These are the recent developments in Genelux's operations.
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