Vikas Sinha, President, Chief Financial Officer, and Chief Executive Officer of Allovir, Inc. (NASDAQ:ALVR), sold 979 shares of common stock, according to the most recent SEC filing. The transaction comes as the company’s stock is trading near its 52-week low of $0.40, down more than 45% in the past six months. The shares were traded at an average price of $0.4401, which equates to a total transaction value of $430. These sales are intended to cover withholding obligations related to the issuance of restricted stock units, as stated in the filing. Following this transaction, Sinha directly holds 1,139,915 shares. Additionally, he has an indirect interest in 16,674,766 shares held by ElevateBio LLC, where he serves as a director and Chief Financial Officer. According to InvestingPro’s analysis, the stock currently appears to be undervalued, with more information available to subscribers.
In other recent news, AlloVir, Inc. has undergone significant changes. The company announced a retrospective stock split, which will take effect on January 16, at the rate of one in twenty-three, a decision approved by shareholders at a recent meeting. This important step precedes the proposed merger with Kalaris Therapeutics, Inc., as described in a filing with the Securities and Exchange Commission.
In addition to the reverse stock split, AlloVir has seen a leadership change. The company has welcomed Vikas Sinha as its new CEO, following the departure of former CEO, Diana Brainard. Sinha, who has over two decades of experience in the life sciences industry, is joining us at this crucial time.
Despite these changes, AlloVir continues to face profitability challenges, as indicated by InvestingPro. However, the company maintains a strong liquidity position with more cash than debt on its balance sheet. With analyst price targets reaching $1.50 and the next earnings report due on February 12, it will be interesting to see the company’s future performance.
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