Allovir, Inc. (NASDAQ:ALVR) General Counsel Edward Miller has sold a portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on April 19 and April 22, involved the sale of 626 and 757 shares of Allovir common stock, respectively, for a total value exceeding $1,000.
The stock was sold at prices ranging from $0.75 to $0.7562, representing a weighted average price. These sales were automatic and mandated by tax withholding obligations related to the vesting of restricted stock units. As specified in the footnote of the SEC filing, Miller had no discretion over these sales.
Following the transactions, Miller's direct ownership in Allovir stands at 223,227 shares. Additionally, the filing notes that Miller has an indirect interest in 288,799 shares held by The Miller Family 2019 Irrevocable Dynasty Trust. However, Miller disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on their company's stock. In this case, the transactions by Allovir's General Counsel were not discretionary but rather part of a structured process for managing tax obligations associated with restricted stock units.
InvestingPro Insights
Allovir, Inc. (NASDAQ:ALVR) has been navigating through a challenging period, as reflected in the recent insider stock sales by General Counsel Edward Miller. The company's financial standing and market performance offer additional context to these transactions. With a market capitalization of $88.28 million, Allovir's valuation reflects the hurdles it faces in the market.
InvestingPro data reveals that Allovir's Price to Earnings (P/E) ratio stands at a negative -0.43, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at -0.5, indicating that the company is not currently generating profits relative to its share price. Furthermore, the company's Price to Book (P/B) ratio during the same period is 0.61, suggesting that the market values the company at a level somewhat above its book value.
One of the notable InvestingPro Tips for Allovir is that analysts do not anticipate the company will be profitable this year, which aligns with the negative P/E ratio and may have contributed to the stock's decline. Additionally, the company holds more cash than debt, which is a positive sign of liquidity and financial health. This could be a crucial factor for investors considering the company's ability to weather financial storms.
The performance of Allovir's stock also tells a story of recent volatility. The 1 Year Price Total Return as of this year shows a significant drop of -80.18%, yet the company has seen a rebound in the short term, with a 3 Month Price Total Return of 13.86%. These fluctuations are important for investors to consider when evaluating the company's current position and future prospects.
For readers looking to delve deeper into Allovir's financials and future outlook, there are additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/ALVR. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into the company's performance and potential investment opportunities.
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