Genelux Corp (OTCMKTS:GNLX) Director Tyree James L recently sold a total of 1,730 shares of the company's common stock, according to the latest filings with the Securities and Exchange Commission. The transaction, which took place on September 11, 2024, was executed at a weighted average price of $2.6005 per share, resulting in a total value of approximately $4,498.
The sale occurred within a range of prices from $2.50 to $2.68 per share. Following the transaction, Tyree James L's holdings in the pharmaceutical company decreased to 47,521 shares of common stock.
The filing indicated that the sale was made in accordance with a pre-arranged Rule 10b5-1 trading plan, which Tyree had adopted on December 13, 2023. This type of trading plan allows company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against accusations of trading on insider information.
Investors tracking insider transactions often pay close attention to Form 4 filings, as they provide insights into the actions of company executives and directors. The sale by Tyree James L might be of interest to current and potential shareholders as they assess the company's stock performance and insider confidence.
Genelux Corp specializes in pharmaceutical preparations and is based in Westlake Village, California. The company's common stock is traded over the counter under the ticker symbol GNLX.
In other recent news, Genelux Corp. has been the focus of several analyst reviews and financial developments. The biopharmaceutical company received a Buy rating from Roth/MKM, with a price target set at $10, indicating confidence in Genelux's cancer treatment pipeline. This endorsement is particularly focused on the company's lead product, Olvi-Vec, with a pivotal trial readout expected next year.
Roth/MKM also noted the potential of Olvi-Vec in treating recurrent lung cancer, anticipating interim readouts later this year and additional results in mid-2025. In contrast, Benchmark revised its price target for Genelux, reducing it to $25 from $30, following Genelux's recent equity offering which bolstered its balance sheet by $27.5 million.
These are recent developments, alongside the company's clinical progress. Genelux is currently conducting the Phase 3 OnPrime trial to evaluate Olvi-Vec for treating Platinum-Resistant/Refractory Ovarian Cancer, with topline data expected in the second half of 2025. Furthermore, the company has launched a Phase 1b/2 trial in China for recurrent Small Cell Lung Cancer, with interim data expected by the end of 2024.
InvestingPro Insights
As Genelux Corp (OTCMKTS:GNLX) experiences insider trading activity, investors are keeping a keen eye on the company's financial health and market performance. According to real-time data from InvestingPro, Genelux Corp holds a market capitalization of approximately $88.67 million. However, the company's financial metrics reflect some challenges, with a negative P/E ratio of -2.05, indicating that it is not currently profitable. In the last twelve months as of Q2 2024, Genelux Corp reported a revenue of just $0.01 million with a significant revenue decline of -99.93%, showcasing a considerable contraction in sales.
InvestingPro Tips provide further context to the company's situation. Genelux Corp is recognized as a niche player in its industry, yet it is rapidly burning through its cash reserves. Analysts do not anticipate profitability for the company this year, nor do they expect a rebound in sales. Despite holding more cash than debt, which is a positive sign of liquidity, the company's stock has suffered a substantial hit over the past year with the price falling significantly. Additionally, Genelux Corp does not pay dividends, which might be a consideration for income-focused investors.
Investors considering Genelux Corp would find value in the InvestingPro platform, which lists additional tips to help assess the company's prospects. With insights on metrics such as the company's liquid assets, short-term obligations, and stock performance over various time frames, including a strong return over the last month, InvestingPro provides a comprehensive analysis tool. There are currently 11 additional InvestingPro Tips available for Genelux Corp at https://www.investing.com/pro/GNLX, offering a deeper dive into the company's financial and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.