Joseph Cappello, Vice President of Pharmaceutical (TADAWUL:2070) Development at GENELUX Corp (NASDAQ:GNLX), recently sold 6,300 shares of the company's common stock. The shares were sold at an average price of $2.34 each, totaling approximately $14,742. Following this transaction, Cappello retains ownership of 14,653 shares. According to the filing, the shares were sold to cover estimated taxes related to the vesting of restricted stock units.The transaction comes as GENELUX, currently valued at $81.85 million, has seen its stock decline 81% over the past year. While the company's stock trades near its 52-week low of $1.60, InvestingPro analysis suggests the stock may be undervalued. InvestingPro data reveals 8 additional investment tips for GENELUX, including insights about its cash position and growth prospects.
In other recent news, Genelux Corporation has seen significant adjustments to its financial outlook and advancements in its clinical trials. H.C. Wainwright lowered Genelux's price target to $30 from $32, maintaining a Buy rating, following the company's 3Q earnings report. Guggenheim initiated coverage on Genelux with a Buy rating and a price target of $8, emphasizing the company's ongoing pivotal Phase III trial of Olvi-vec in treating platinum-resistant/refractory ovarian cancer.
Further, Genelux has initiated a Phase 2 trial for Olvi-Vec, targeting non-small cell lung cancer (NSCLC) patients, with interim data expected by mid-2025. The company is also conducting a Phase 3 trial for Olvi-Vec in combination with chemotherapy for ovarian cancer and a Phase 1b/2 trial in China for recurrent Small Cell Lung Cancer.
Genelux recently raised $27.5 million through an equity offering of 6.875 million shares. However, Caroline Jewett, Vice President and Head of Quality, resigned effective October 18, 2024. These developments are part of recent happenings as Genelux continues to progress its cancer treatment pipeline.
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