Edward Miller, General Counsel of Allovir, Inc. (NASDAQ:ALVR), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on October 21 and 22, involved the sale of 1,401 shares. The shares were sold at prices ranging from $0.7678 to $0.779 per share, totaling approximately $1,082.
The sales were automatic and intended to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Miller holds 214,203 shares directly. Additionally, 288,799 shares are held indirectly by The Miller Family 2019 Irrevocable Dynasty Trust, with Miller disclaiming beneficial ownership except for his pecuniary interest.
InvestingPro Insights
As Edward Miller, General Counsel of Allovir, Inc. (NASDAQ:ALVR), recently sold shares to cover tax obligations, it's worth examining the company's financial health to provide context for investors. According to InvestingPro data, Allovir's market capitalization stands at $88.39 million, reflecting its current valuation in the biotech sector.
InvestingPro Tips highlight that Allovir holds more cash than debt on its balance sheet, which could be seen as a positive sign of financial stability, especially important for a company in the research-intensive biotech industry. This cash position may provide Allovir with the flexibility to fund ongoing operations and research without immediate financial pressure.
However, the company faces challenges. An InvestingPro Tip indicates that Allovir suffers from weak gross profit margins, which could impact its path to profitability. This aligns with another tip suggesting that analysts do not anticipate the company will be profitable this year. These factors may explain the recent stock performance, with InvestingPro data showing a one-year price total return of -45.62% as of the latest available data.
Despite these challenges, Allovir's stock is trading at 0.72 times its book value, potentially indicating that the market values the company below its net asset value. This could be of interest to value-oriented investors who see potential in the company's future prospects.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Allovir, providing a deeper dive into the company's financial situation and market position.
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