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HilleVax, Inc. (NASDAQ:HLVX), a clinical-stage biopharmaceutical company with a market capitalization of approximately $84 million, saw its Chief Financial Officer Shane Maltbie recently sell shares of the company’s common stock, according to a recent SEC filing. The stock has declined over 88% in the past year, though InvestingPro analysis suggests the shares are currently undervalued. The transactions, which took place on February 4 and February 11, involved the sale of a total of 8,291 shares. These sales were executed at prices ranging from $1.7627 to $1.89 per share, resulting in a total value of $15,116.
The sales were conducted to satisfy tax withholding obligations associated with the settlement of restricted stock units (RSUs), as mandated by the company’s policy. Following these transactions, Maltbie holds 79,887 shares of HilleVax common stock.
In other recent news, HilleVax, Inc. has disclosed a significant restructuring plan, which includes a major workforce reduction and the departure of key executives. The biotech firm, known for its development of norovirus vaccine candidates, will reduce its workforce by approximately 70%, affecting 28 employees. This move is part of a strategy to cut operating costs, with completion expected by the end of January 2025.
HilleVax foresees costs of around $6.1 million resulting from this downsizing, primarily due to severance and related termination expenses, most of which will be accounted for in the fourth quarter of 2024. The company has also announced the resignation of three top officers, namely Sean McLoughlin, Chief Operating Officer; Astrid Borkowski, Chief Medical (TASE:PMCN) Officer; and Aditya Kohli, Chief Business Officer, effective December 19, 2024. Despite these changes, the remaining management team will continue to evaluate strategic alternatives for its norovirus vaccine candidates.
These recent developments reflect HilleVax’s current expectations and are subject to risks and uncertainties. The company acknowledges the inherent uncertainties in such estimates and the possibility that the expected benefits from the reduction may not materialize.
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