Genelux director John Thomas buys $13,125 in company stock By Investing.com

In a recent transaction, John Thomas, a director at GENELUX Corp (NASDAQ:GNLX), a pharmaceutical preparations company, acquired additional company stock valued at $13,125. This purchase is part of a series of transactions reported on May 29, 2024.

The filing revealed that Thomas bought 2,500 shares of GENELUX Corp common stock, alongside warrants to purchase additional shares, at a combined price of $4.00 each. Following this transaction, Thomas now directly owns a total of 465,960 shares in the company.

It’s noteworthy that the purchase was matchable under Section 16(b) of the Securities Exchange Act of 1934 with a sale of common stock that Thomas made on December 13, 2023. According to the footnotes in the filing, Thomas has agreed to pay back to GENELUX Corp the profit realized from this matched transaction, after accounting for transaction costs.

The transaction also included common stock warrants with an exercise price of $5.25 per share, which are exercisable immediately and expire on May 29, 2029. Post-transaction, Thomas holds 2,500 of these derivative securities directly.

Thomas’s recent acquisition reflects a continued investment in GENELUX Corp, showing his commitment to the company’s future. Investors often look at purchases made by company insiders as a sign of confidence in the firm’s prospects and management.

In other recent news, Genelux Corp. underwent significant financial adjustments and developments. Benchmark has lowered its price target for Genelux from $30 to $25, maintaining a Speculative Buy rating, following a recent equity offering by the company. Genelux raised $27.5 million through the offering of 6.875 million shares, augmenting its first quarter 2024 cash reserves of $19.6 million. It is projected that these funds will support operations until the first quarter of 2026.

The company is currently conducting the Phase 3 OnPrime trial, aiming to enroll 186 patients for the treatment of Platinum-Resistant/Refractory Ovarian Cancer. Genelux also announced the initiation of a Phase 1b/2 trial in China for recurrent Small Cell Lung Cancer, with interim data expected by the end of 2024. H.C. Wainwright has also adjusted the company’s price target from $35.00 to $32.00, in response to an increase in operating expenses revealed in Genelux’s fourth-quarter financial report. These are the latest developments in the company’s ongoing operations.

InvestingPro Insights

In light of the recent insider transactions at GENELUX Corp (NASDAQ:GNLX), it is important to consider the broader financial context in which these transactions occur. According to the latest data from InvestingPro, GENELUX Corp is navigating challenging financial waters. With a market capitalization of $85.84 million, the company’s financials reflect some concerning metrics. For instance, the company’s Price/Earnings (P/E) Ratio stands at -3.64, indicating that investors are wary of the company’s earnings potential.

Additionally, GENELUX Corp’s revenue over the last twelve months as of Q1 2024 was a mere $0.01 million, with a staggering revenue decline of 99.93%. This is in line with the InvestingPro Tips that analysts anticipate a sales decline in the current year and do not expect the company to be profitable this year. Moreover, GENELUX Corp’s stock has not been immune to the impact of its financial performance, having taken a significant hit with a one-year total return of -91.97% as of the same period.

Despite these headwinds, there are some silver linings. The company holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations, which is a positive sign of financial stability. For those interested in a deeper analysis, there are an additional 15 InvestingPro Tips available that could provide further insights into GENELUX Corp’s financial health and stock performance. Access these tips and take advantage of the latest financial tools by using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

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