AlloVirNASDAQ: ALVR

Here is how AlloVir, Inc. (ALVR) and Arcutis Biotherapeutics, Inc. (ARQT) have performed compared to their sector so far this year.

AlloVir, Inc. (ALVR) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

AlloVir (NASDAQ: ALVR ) layoffs are in the news as the clinical-stage cell therapy company announced a massive number of job cuts. AlloVir has revealed that a new round of layoffs will have it cutting 95% of its workforce.

AlloVir Inc. ALVR, +5.02%, a developer of cell therapies intended to treat viral diseases, said Thursday that its board had approved a roughly 95% reduction to its staff, following an announcement last month that it would discontinue three clinical trials on its lead T cell therapy posoleucel. The company, in a filing, said the board approved the cuts on Jan. 1, and that the cuts were intended to “preserve capital.

Shares of AlloVir Inc. ALVR, -66.75% plummeted 66.6% toward their first-ever close below $1 on heavy volume in afternoon trading Friday, after the immunotherapy company decided to discontinue the Phase 3 trials on posoleucel, a T cell therapy targeting a number of pathogens in immunocompromised people, citing “futility.” The stock, which was the biggest decliner among those listed on major U.S. exchanges, is headed for its biggest decline since going public in July 2020.

AlloVir stock fell today given concerns over potential selling pressure from a recent lock-up expiration. The lock-up agreement was related to a new share issuance in June 2023.

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In recent Securities & Exchange Commission filings, Gilead Sciences Inc. NASDAQ: GILD revealed that it had purchased significant stakes in AlloVir Inc. NASDAQ: ALVR and Arcus Biosciences Inc. NYSE: RCUS.