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Robert Hershberg, President and CEO of HilleVax, Inc. (NASDAQ:HLVX), recently sold shares in the company, according to a recent SEC filing. The transactions, which occurred on February 4 and February 11, involved the sale of a total of 26,535 shares of common stock. The sales were executed at prices ranging from $1.7648 to $1.89 per share, amounting to a total value of $48,661. According to InvestingPro data, these transactions come as HLVX shares have declined nearly 89% over the past year, though the company maintains a strong liquidity position with more cash than debt on its balance sheet.
The shares were sold to satisfy tax withholding obligations upon the settlement of restricted stock units, as mandated by HilleVax’s policy. This process, known as a "sell to cover" transaction, is not a discretionary move by Hershberg.
Following these transactions, Hershberg retains direct ownership of 1,101,498 shares of HilleVax, representing a significant portion of the company’s $83.93 million market capitalization.
In other recent news, HilleVax, Inc. has announced a major reduction in its workforce and the departure of several top executives. The biotechnology firm will decrease its employee count by approximately 70%, affecting 28 staff members, in an effort to reduce operating costs. This restructuring move is expected to be mostly completed by the end of January 2025 and will incur costs of around $6.1 million, primarily from severance and termination expenses.
In addition to the downsizing, HilleVax also announced the departure of Chief Operating Officer Sean McLoughlin, Chief Medical (TASE:PMCN) Officer Astrid Borkowski, and Chief Business Officer Aditya Kohli, effective December 19, 2024. Despite these significant changes, the remaining management is committed to exploring and evaluating strategic alternatives for its norovirus vaccine candidates.
These developments are part of the company’s recent restructuring efforts and are subject to uncertainties. The expected benefits from the reduction may not materialize, and actual costs could differ from preliminary estimates. These are recent developments in the company’s strategic direction and operational structure.
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