Genelux (NASDAQ:GNLX) Shares Down 2.4% – What’s Next?

Genelux Corporation (NASDAQ:GNLX)’s stock price dropped 2.4% on Wednesday . The company traded as low as $2.84 and last traded at $2.85. 172,449 shares traded hands during trading, an increase of 2% from the average daily volume of 168,559 shares. The stock had previously closed at $2.92.

Analysts Set New Price Targets

A number of brokerages have issued reports on GNLX. Wall Street Zen lowered shares of Genelux from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Genelux in a research report on Tuesday, April 21st. Finally, Benchmark dropped their target price on shares of Genelux from $23.00 to $20.00 and set a “speculative buy” rating for the company in a research report on Friday, March 20th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.00.

Genelux Stock Down 0.9%

The company’s fifty day moving average price is $2.87 and its 200-day moving average price is $2.98. The stock has a market capitalization of $128.83 million, a PE ratio of -3.38 and a beta of 0.56.

Genelux (NASDAQ:GNLX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). Equities research analysts anticipate that Genelux Corporation will post -0.8 earnings per share for the current year.

Insider Buying and Selling at Genelux

In related news, Director John Thomas sold 10,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $2.98, for a total transaction of $29,800.00. Following the completion of the sale, the director owned 472,784 shares in the company, valued at approximately $1,408,896.32. This represents a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 13,865 shares of company stock worth $41,190. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GNLX. SteelPeak Wealth LLC raised its stake in Genelux by 458.9% during the 1st quarter. SteelPeak Wealth LLC now owns 60,895 shares of the company’s stock valued at $147,000 after purchasing an additional 50,000 shares during the period. XTX Topco Ltd purchased a new position in Genelux in the fourth quarter worth about $222,000. Millennium Management LLC bought a new stake in Genelux during the fourth quarter worth approximately $455,000. Balyasny Asset Management L.P. bought a new stake in Genelux during the fourth quarter worth approximately $94,000. Finally, Align Financial LLC purchased a new stake in Genelux during the fourth quarter valued at approximately $123,000. 37.33% of the stock is owned by hedge funds and other institutional investors.

About Genelux

Genelux Corporation (NASDAQ:GNLX) is a clinical-stage biotechnology company focused on the development of oncolytic virus immunotherapies. Built on a proprietary vaccinia virus platform, the company’s programs are designed to selectively infect and destroy cancer cells while stimulating a systemic immune response. Genelux’s lead candidate, pexastimogene devacirepvec (GL-ONC1), is being evaluated in multiple indications, including peritoneal malignancies and head and neck cancers, where it is administered either intraperitoneally or systemically depending on the trial design.

Genelux’s pipeline leverages its experience with the GL-ONC1 construct to explore combination strategies with chemotherapy and immuno-oncology agents.