Genelux (NASDAQ:GNLX) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Genelux to “strong sell” from “sell,” despite MarketBeat’s broader analyst consensus remaining “Moderate Buy” with an average price target of $18.
• Genelux shares opened at $2.48, near their 12-month low of $2.29, while the company reported a quarterly loss of $0.21 per share, slightly worse than the $0.20 expected loss.
• Company insiders sold 59,822 shares worth approximately $164,402 over the past three months, while institutional investors own 37.33% of Genelux stock.

Genelux (NASDAQ:GNLX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also commented on GNLX. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Genelux in a research report on Friday, July 17th. Lucid Cap Mkts upgraded Genelux to a "strong-buy" rating in a research report on Wednesday, September 16th. Finally, Benchmark reissued a "speculative buy" rating on shares of Genelux in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Genelux Stock Up 2.1%

Shares of Genelux stock opened at $2.48 on Friday. The company's fifty day simple moving average is $2.68 and its two-hundred day simple moving average is $2.76. Genelux has a 12-month low of $2.29 and a 12-month high of $8.53. The firm has a market cap of $112.20 million, a PE ratio of -2.88 and a beta of 0.57.

Genelux (NASDAQ:GNLX - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). As a group, sell-side analysts expect that Genelux will post -0.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Genelux news, insider Yong Yu sold 9,683 shares of Genelux stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $2.75, for a total transaction of $26,628.25. Following the sale, the insider directly owned 258,688 shares of the company's stock, valued at approximately $711,392. The trade was a 3.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Zindrick sold 34,463 shares of the company's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $2.67, for a total value of $92,016.21. Following the transaction, the chief executive officer owned 1,226,427 shares in the company, valued at $3,274,560.09. This trade represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 59,822 shares of company stock valued at $164,402 over the last three months. Corporate insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Genelux

Several hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC purchased a new stake in Genelux in the second quarter worth $257,000. Strive Financial Group LLC lifted its position in Genelux by 728.7% during the second quarter. Strive Financial Group LLC now owns 41,437 shares of the company's stock valued at $125,000 after buying an additional 36,437 shares during the period. Bank of America Corp DE purchased a new position in Genelux during the second quarter valued at $990,000. BlackRock Inc. bought a new stake in shares of Genelux during the 2nd quarter valued at $1,323,000. Finally, AMG National Trust Bank bought a new stake in shares of Genelux during the 2nd quarter valued at $227,000. 37.33% of the stock is currently owned by institutional investors.

Genelux Company Profile

Genelux Corporation is a clinical-stage biotechnology company focused on developing and commercializing therapies for cancer. The company's research centers on oncolytic immunotherapies, which are designed to selectively infect and destroy tumor cells while stimulating the body's immune response against cancer.

Genelux's lead investigational product is olvimulogene nanivacirepvec, also known as Olvi-Vec or GL-ONC1. Olvi-Vec is a modified vaccinia virus being evaluated in clinical studies for several solid tumors, including ovarian cancer and other advanced or recurrent cancers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.