Vikas Sinha, president, CFO and CEO of Allovir, Inc. (NASDAQ: ALVR), sold 979 shares of common stock, according to a recent SEC filing. The transaction comes as the company’s shares trade near their 52-week low of $0.40, after falling more than 45% over the past six months. The shares were sold at a weighted average price of approximately $0.4401, for a total transaction value of $430. These sales were made to cover withholding tax obligations related to the acquisition of restricted stock units, as disclosed in the filing. Following this transaction, Sinha directly holds 1,139,915 shares. Additionally, he has an indirect interest in 16,674,766 shares owned by ElevateBio LLC, where he serves as a director and CFO. According to InvestPro According to the analysis, the stock currently appears undervalued, with additional information available to subscribers.
Furthermore, AlloVir, Inc. has undergone significant changes. The company announced a reverse stock split, effective January 16, with a one-to-twenty-three ratio, a move approved by shareholders at 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 undergone a leadership transition. The company welcomed Vikas Sinha as its new CEO, following the departure of former CEO Diana Brainard. Sinha, with over two decades of experience in the life sciences sector, takes on this role during this crucial time.
Despite these changes, AlloVir continues to face profitability challenges, as InvestingPro reports. 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 how the company performs in the period ahead.
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