Genelux corp insiders sell more than $196k worth of company stock Via Investing.com

In a recent series of transactions, an insider at Genelux Corp (OTC:GNLX), a pharmaceutical company, sold a large amount of the company's stock. The transactions, which took place over three consecutive days, involved the sale of shares held by a trust related to an insider.

The first sale took place on September 9, 2024, and 23,383 shares of Genelux Corp common stock were sold at an average price of $2.7028 per share. The next day, an additional 20,384 shares were traded at an average price of $2.5109 per share. Trading continued on September 11, with 31,376 shares traded at an average price of $2.6207. These sales were made at various prices within the range of $2.50 to $2.77, $2.65 to $2.77, and $2.60 to $2.68, respectively, on each day.

The total value of shares sold by the insider is approximately $196,608. It is worth noting that the shares were indirectly held by The Szalay 2010 Retained Annuity Trust, according to footnotes in the filing.

After this transaction, the trust still owns a large number of Genelux Corp shares, indicating a continuing indirect interest in the company's operations. The insider's remaining ownership includes shares held by The Szalay 2009 Irrevocable Trust and The Szalay 2010 Children's Trust, among other things.

Investors often monitor insider trading as it can provide insight into how a company's leadership views the stock's value and future prospects. This insider's sale of Genelux Corp may be of interest to current and potential shareholders as they evaluate the company's financial health and strategic direction.

In other recent news, Genelux Corp. has been the subject of attention from analysts at Roth/MKM and Benchmark. Roth/MKM initiated coverage on Genelux, setting a buy rating with a $10 price target, focusing on the potential of the company's lead product candidate, Olvi-Vec, in the treatment of refractory/refractory ovarian cancer and recurrent lung cancer. Meanwhile, Benchmark revised its price target for Genelux to $25 from $30, maintaining a buy rating.

This adjustment followed Genelux's recent equity, which added $27.5 million to the company's balance sheet through the issuance of 6.875 million shares. Genelux ended the first quarter of 2024 with a cash and short-term investment balance of $19.6 million, with management expecting current reserves to continue operating through the first quarter of 2026.

In terms of clinical development, Genelux continues the Phase 3 OnPrime trial, with peak data expected in the second half of 2025. The company also started a Phase 1b/2 trial in China for recurrent small cell lung cancer, with interim data. expected by the end of 2024, and plans to launch a Phase 2 study in Non-Small Cell Lung Cancer in 2024. These are the latest developments at Genelux Corp.

InvestingPro Insights

Genelux Corp (OTC:GNLX) has been under the investor microscope recently due to a series of insider dealings. To provide a clear picture of the company's current financial situation, let's examine key metrics and insights from InvestingPro.

InvestingPro Data reports a market capitalization of approximately $85.6 million, which, when paired with a negative P/E ratio of -2.05, suggests that the company is currently unprofitable. Furthermore, the last twelve months from Q2 2024 shows a huge drop in revenue of -99.93%, leaving the company with just $0.01 million in revenue.

Despite these challenging figures, InvestingPro Tip highlights that Genelux Corp holds more cash than debt on its balance sheet, which could be a sign of financial prudence. However, it is also important to note that the company is quickly burning through cash, a situation that investors should keep a close eye on. Additionally, analysts do not expect the company to make a profit this year, and expect sales to decline this year.

Investors considering Genelux Corp should note that the stock has experienced significant price declines over the past year, with a decrease of 88.79% in one-year earnings. Even better, the stock showed a strong return last month, with an increase of 17.84%. This can indicate a potential reversal or positive short-term momentum.

For those looking to delve deeper into a company's prospects, InvestingPro offers a range of additional tips, including insights into a company's valuation multiples and liquidity. To explore these insights further, visit InvestingPro's 10+ tips to help you make an informed investment decision.

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