Allovir, Inc. (NASDAQ:ALVR) reported that its Chief Executive Officer, Diana Brainard, has recently sold shares of the company stock. According to the latest filing with the Securities and Exchange Commission, the transaction involved the sale of 1,533 shares at an average price of $0.772 per share, totaling approximately $1,183.
The shares were sold on April 2, 2024, and the sale was part of an automatic transaction to cover tax withholding obligations related to the vesting of restricted stock units. The company's filing clarified that these sales were not at the discretion of Brainard but were required and automatically executed to meet tax-related responsibilities.
The reported price represents a weighted average, with individual sales occurring at prices ranging from $0.7513 to $0.7801. Following this transaction, Brainard continues to hold 812,536 shares of Allovir, demonstrating a continued investment in the company's future.
Allovir, based in Waltham, Massachusetts, operates within the biotechnology sector, specializing in biological products. The company's stock trades under the ticker symbol ALVR on the NASDAQ stock exchange.
The details provided in the SEC filing offer transparency regarding the executive's stock transactions and maintain regulatory compliance. Such disclosures are standard practice for publicly traded companies and their executives.
InvestingPro Insights
In light of the recent share sale by Allovir, Inc.'s (NASDAQ:ALVR) CEO, investors might be curious about the company's financial health and market performance. According to InvestingPro data, Allovir holds a market capitalization of $84.83 million, which can be indicative of its size within the biotechnology sector. The company's share price has experienced a considerable decline over the past year, with a 1 Year Price Total Return of -79.8%, reflecting the volatility and the challenges faced in the industry.
An important InvestingPro Tip to consider is that Allovir currently holds more cash than debt on its balance sheet, which could be a sign of financial stability. However, it's also noted that the company has been grappling with weak gross profit margins and is not expected to be profitable this year. Moreover, Allovir does not pay out dividends, which might be a factor for income-focused investors to consider.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, including insights on the company's profitability over the last twelve months and its liquid assets in relation to short-term obligations. Investors can find these additional tips and more detailed metrics on InvestingPro, and by using the coupon code PRONEWS24, they can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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