In a recent series of transactions, an insider at Genelux Corp (OTC:GNLX), a pharmaceutical company, has sold a significant amount of company stock. The transactions, which occurred over three consecutive days, involved the sale of shares held by a trust associated with the insider.
The first sale took place on September 9, 2024, with 23,383 shares of Genelux Corp common stock being sold at an average price of $2.7028 per share. The following day, an additional 20,384 shares were sold at an average price of $2.5109 per share. The selling continued on September 11, with 31,376 shares being sold at an average price of $2.6207. These sales were executed at varying prices within the ranges of $2.50 to $2.77, $2.65 to $2.77, and $2.60 to $2.68, respectively, for each of the days.
The total value of the shares sold by the insider amounted to approximately $196,608. It is noted that the shares were indirectly held by The Szalay 2010 Retained Annuity Trust, according to the footnotes in the filing.
Following these transactions, the trust still holds a substantial number of Genelux Corp shares, indicating a continued indirect interest in the company’s performance. The insider’s remaining ownership includes shares held by The Szalay 2009 Irrevocable Trust and The Szalay 2010 Children’s Trust, in addition to other holdings.
Investors often monitor insider transactions as they can provide insights into how the company’s leadership views the stock’s value and future prospects. The sales by this Genelux Corp insider could be of interest to current and potential shareholders as they assess the company’s financial health and strategic direction.
In other recent news, Genelux Corp. has been the subject of attention from analysts at Roth/MKM and Benchmark. Roth/MKM initiated coverage on Genelux, setting a Buy rating with a $10 price target, focusing on the potential of the company’s lead product candidate, Olvi-Vec, in treating platinum-resistant/refractory ovarian cancer and recurrent lung cancer. Meanwhile, Benchmark revised its price target for Genelux to $25 from $30, maintaining a Speculative Buy rating.
This adjustment followed Genelux’s recent equity offering, which added $27.5 million to the company’s balance sheet through the issuance of 6.875 million shares. Genelux ended the first quarter of 2024 with a cash and short-term investments balance of $19.6 million, with management anticipating that current reserves will sustain operations until the first quarter of 2026.
In terms of clinical developments, Genelux is progressing with the Phase 3 OnPrime trial, with topline data expected in the second half of 2025. The company has also initiated a Phase 1b/2 trial in China for recurrent Small Cell Lung Cancer, with interim data expected by the end of 2024, and plans to launch a Phase 2 study in Non-Small Cell Lung Cancer in 2024. These are the recent developments in Genelux Corp.
InvestingPro Insights
Genelux Corp (OTC:GNLX) has been under the investor’s microscope recently due to a series of insider transactions. To provide a clearer picture of the company’s current financial status, let’s delve into some key metrics and insights from InvestingPro.
InvestingPro Data reveals a market capitalization of approximately $85.6 million, which, when paired with a negative P/E ratio of -2.05, suggests that the company is not currently profitable. Furthermore, the last twelve months as of Q2 2024 show a stark revenue decline of -99.93%, leaving the company with a mere $0.01 million in revenue.
Despite these challenging figures, an InvestingPro Tip highlights that Genelux Corp holds more cash than debt on its balance sheet, which could be a sign of financial prudence. However, it’s also important to note that the company is quickly burning through cash, a situation that investors should monitor closely. Additionally, analysts do not expect the company to be profitable this year, and they anticipate a sales decline in the current year.
Investors considering Genelux Corp should be aware that the stock has experienced a significant price drop over the last year, with an 88.79% decrease in the one-year price total return. On a more positive note, the stock has shown a strong return over the last month, with a 17.84% increase. This could indicate a potential turnaround or a short-term positive momentum.
For those looking to dive deeper into the company’s prospects, InvestingPro offers a range of additional tips, including perspectives on the company’s valuation multiples and liquidity. To explore these insights further, visit https://www.investing.com/pro/GNLX where more than 10 additional InvestingPro Tips are available to help you make an informed investment decision.
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