Vikas Sinha, President, Chief Financial Officer, and Chief Executive Officer of Allovir, Inc. (NASDAQ:ALVR), has sold 979 shares of common stock, according to a recent SEC filing. The transaction comes as the company’s stock trades near its 52-week low of $0.40, having declined over 45% in the past six months. The shares were sold at a weighted average price of approximately $0.4401, amounting to a total transaction value of $430. These sales were executed to cover tax withholding obligations related to the vesting of restricted stock units, as stated in the filing. Following this transaction, Sinha holds 1,139,915 shares directly. 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 analysis, the stock currently appears undervalued, with additional insights available to subscribers.
In other recent news, AlloVir, Inc. has been experiencing significant changes. The company announced a reverse stock split, effective January 16, with a ratio of one-for-twenty-three, a decision approved by shareholders in a recent meeting. This strategic move precedes a proposed merger with Kalaris Therapeutics, Inc., as detailed in filings with the Securities and Exchange Commission.
In addition to the reverse stock split, AlloVir has seen a leadership transition. The company welcomed Vikas Sinha as the new Chief Executive Officer, following the departure of former CEO, Diana Brainard. Sinha, with over two decades of experience in the life sciences industry, assumes the role during this crucial period.
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 observe the company’s performance in the coming period.
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