Genelux (NASDAQ:GNLX) Stock Rating Upgraded by Lucid Cap Mkts

Key Points

• Lucid Capital Markets upgraded Genelux to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an $18.00 target price.
• Genelux shares opened at $2.53, near their 52-week low of $2.29, and the company reported a quarterly loss of $0.21 per share, slightly worse than the expected $0.20 loss.
• Insiders have sold 59,822 shares worth $164,402 over the past three months, while institutional ownership stands at 37.33% following new investments from firms including BlackRock and Bank of America.

Genelux (NASDAQ:GNLX - Get Free Report) was upgraded by investment analysts at Lucid Cap Mkts to a "strong-buy" rating in a research note issued on Wednesday, Zacks reports.

A number of other research analysts have also commented on the stock. Benchmark reiterated a "speculative buy" rating on shares of Genelux in a research note on Tuesday, August 18th. Wall Street Zen upgraded Genelux from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 23rd. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Genelux in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Genelux Price Performance

Shares of GNLX opened at $2.53 on Wednesday. The firm has a 50-day moving average price of $2.71 and a 200 day moving average price of $2.76. The firm has a market capitalization of $114.46 million, a PE ratio of -2.94 and a beta of 0.57. Genelux has a 52-week low of $2.29 and a 52-week high of $8.53.

Genelux (NASDAQ:GNLX - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). On average, equities analysts expect that Genelux will post -0.81 EPS for the current year.

Insiders Place Their Bets

In other Genelux news, CEO Thomas Zindrick sold 34,463 shares of the business's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $2.67, for a total transaction of $92,016.21. Following the sale, the chief executive officer directly owned 1,226,427 shares of the company's stock, valued at $3,274,560.09. The trade was a 2.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Smither sold 12,000 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $2.91, for a total value of $34,920.00. Following the completion of the transaction, the director owned 91,403 shares in the company, valued at $265,982.73. This represents a 11.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 59,822 shares of company stock worth $164,402. Corporate insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Genelux during the 2nd quarter worth about $1,323,000. Bank of America Corp DE acquired a new position in Genelux in the second quarter worth approximately $990,000. Flputnam Investment Management Co. acquired a new position in Genelux in the second quarter worth approximately $697,000. Global Retirement Partners LLC bought a new position in Genelux during the second quarter valued at approximately $686,000. Finally, Citadel Advisors LLC bought a new position in Genelux during the second quarter valued at approximately $257,000. Hedge funds and other institutional investors own 37.33% of the company's stock.

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.

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