Vikas Sinha, President, Chief Financial Officer and Chief Executive Officer of Allovir, Inc. (NASDAQ:ALVR), sold 979 shares of common stock, according to its most recent SEC filing. The transaction comes as the company’s shares are trading near a 52-week low of $0.40, after falling more than 45% over the past six months. The shares were sold at a weighted average price of approximately $0.4401, for a total transaction value of $430. These sales were made to cover withholding tax obligations related to the acquisition of restricted stock units, as stated in the filing. Following this transaction, Sinha directly holds 1,139,915 shares. In addition, 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 analysis, the stock appears to be currently undervalued, with additional insights available to subscribers.
In other recent news, AlloVir, Inc. is experiencing significant changes. The company has announced a one-for-twenty-three reverse stock split, effective January 16, a decision approved by shareholders at a recent meeting. This strategic move precedes the proposed merger with Kalaris Therapeutics, Inc., as disclosed in filings with the Securities and Exchange Commission.
In addition to the reverse stock split, AlloVir has undergone a leadership change. The company has welcomed Vikas Sinha as its new CEO, following the departure of former CEO Diana Brainard. Sinha, with over two decades of experience in the life sciences industry, takes on the role during this pivotal period.
Despite these changes, AlloVir continues to face profitability challenges, as indicated by InvestingPro. However, the company maintains a strong liquid position with more cash than debt on its balance sheet. With an analyst price target reaching $1.50 and the next earnings report due on February 12th, it will be interesting to watch the company’s performance in the coming period.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
