Vikas Sinha, the President and Chief Financial Officer of Allovir, Inc. (NASDAQ:ALVR), recently reported selling shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Sinha sold a total of 3,428 shares over two days, with the transactions occurring on October 21 and October 22. The shares were sold at prices ranging from $0.7678 to $0.779, amounting to a total sale value of $2,649.
These sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units and were automatic, not at the discretion of Sinha. Following these transactions, Sinha directly owns 1,149,216 shares of Allovir. Additionally, he holds an indirect ownership of 16,674,766 shares through ElevateBio LLC, where he serves as a director and Chief Financial Officer.
InvestingPro Insights
As Allovir's President and CFO Vikas Sinha adjusts his holdings, investors may benefit from a closer look at the company's financial health. According to InvestingPro data, Allovir's market capitalization stands at $88.39 million, reflecting its current valuation in the biotech sector.
Two key InvestingPro Tips shed light on Allovir's financial position. First, the company holds more cash than debt on its balance sheet, which could provide financial flexibility as it navigates the capital-intensive biotech industry. This is particularly relevant given the recent insider transaction, as it suggests the company may have resources to fund ongoing operations and research without immediate financial pressure.
Secondly, InvestingPro highlights that Allovir is not profitable over the last twelve months, with an adjusted operating income of -$120.89 million. This aligns with the broader context of biotech companies often operating at a loss while developing their pipeline. The recent share sale by the CFO, albeit for tax purposes, occurs against this backdrop of ongoing financial losses.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into Allovir's financial trajectory and market position. Currently, there are 6 additional InvestingPro Tips available for Allovir, which could offer valuable context for understanding the company's prospects beyond this insider transaction.
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