Ralph Smalling, Head of Regulatory at GENELUX Corp (NASDAQ:GNLX), recently sold 2,510 shares of the company's common stock. The shares were sold on December 16 at an average price of $2.34 each, amounting to a total transaction value of $5,873. The transaction comes as GENELUX shares have declined over 81% in the past year, with the stock currently trading well below its 52-week high of $16.60. InvestingPro analysis suggests the stock may be undervalued at current levels.
Following this sale, Smalling retains ownership of 16,322 shares in the company. The sale was conducted to cover estimated taxes related to the vesting of restricted stock units, according to the filing. Additionally, the filing notes that Smalling had acquired 688 shares under GENELUX's Employee Stock Purchase Plan on November 15, 2024. The micro-cap company, valued at approximately $82 million, maintains a strong liquidity position with more cash than debt on its balance sheet. Get access to 8 more key insights about GENELUX with an InvestingPro subscription.
In other recent news, Genelux Corporation has been the focus of several analyst notes and significant clinical developments. H.C. Wainwright revised its financial outlook for Genelux, reducing the price target to $30 from $32, while maintaining a Buy rating, following Genelux's third-quarter earnings report. Guggenheim initiated coverage on Genelux with a Buy rating and a target price of $8, emphasizing the company's ongoing Phase III trial of Olvi-vec in treating platinum-resistant/refractory ovarian cancer.
In contrast, Roth/MKM and Benchmark presented their evaluations, the former initiating coverage with a Buy rating and a price target of $10, while the latter revised its price target to $25 from $30, maintaining a Speculative Buy rating. Genelux has been progressing in its clinical trials, launching a Phase 2 trial for Olvi-Vec targeted at non-small cell lung cancer (NSCLC) patients, with interim data expected by mid-2025.
In terms of financial developments, Genelux recently raised $27.5 million through an equity offering of 6.875 million shares. However, the company also announced the resignation of Caroline Jewett, Vice President and Head of Quality, effective October 18, 2024. These are among the recent developments as Genelux continues to advance its cancer treatment pipeline.
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