Genelux (NASDAQ:GNLX) Shares Down 2.4% - Should You Sell?

Key Points

• Genelux shares fell 2.4% on Friday, trading between $2.85 and $2.89 on lighter-than-average volume.
• Analyst sentiment is mixed, but the stock still carries a consensus “Moderate Buy” rating with an average price target of $18.00, despite recent downgrades and a sell rating from Weiss Ratings.
• The company recently missed quarterly earnings estimates, reporting a loss of $0.20 per share versus expectations of a $0.18 loss, while insiders have also been selling shares in recent months.

Genelux Corporation (NASDAQ:GNLX - Get Free Report) shares dropped 2.4% on Friday . The stock traded as low as $2.85 and last traded at $2.89. 153,608 shares were traded during mid-day trading, a decline of 9% from the average session volume of 168,931 shares. The stock had previously closed at $2.96.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GNLX shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Genelux in a report on Friday, July 17th. Wall Street Zen cut shares of Genelux from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Genelux Trading Down 2.4%

The company has a 50 day moving average of $2.94 and a 200-day moving average of $2.79. The firm has a market capitalization of $129.59 million, a P/E ratio of -3.40 and a beta of 0.58.

Genelux (NASDAQ:GNLX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.02). As a group, sell-side analysts forecast that Genelux Corporation will post -0.8 EPS for the current fiscal year.

Insider Activity

In other Genelux news, Director John W. Smither sold 12,000 shares of the business'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 sale, the director owned 91,403 shares of the company's stock, valued at $265,982.73. The trade was a 11.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Thomas sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 472,784 shares in the company, valued at approximately $1,408,896.32. The trade was a 2.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,865 shares of company stock valued at $76,110 in the last quarter. Corporate insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Genelux

A number of large investors have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. acquired a new stake in shares of Genelux during the 4th quarter worth $94,000. Align Financial LLC acquired a new position in Genelux in the fourth quarter valued at about $123,000. Squarepoint Ops LLC bought a new stake in Genelux during the fourth quarter worth about $52,000. Jefferies Financial Group Inc. bought a new stake in Genelux during the fourth quarter worth about $48,000. Finally, Qube Research & Technologies Ltd grew its stake in Genelux by 101.3% during the third quarter. Qube Research & Technologies Ltd now owns 37,224 shares of the company's stock worth $156,000 after buying an additional 18,734 shares in the last quarter. Institutional investors and hedge funds own 37.33% of the company's stock.

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.

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