GeneluxNASDAQ: GNLX

WESTLAKE VILLAGE, Calif., May 24, 2024 (GLOBE NEWSWIRE) -- Genelux Corporation (Genelux) (Nasdaq: GNLX), a late clinical-stage immuno-oncology company, today announced the pricing of an underwritten offering of 6,875,000 shares of its common stock and accompanying warrants to purchase 6,875,000 shares of its common stock at a combined offering price of $4.00 per share and accompanying warrant, in each case before underwriting discounts and commissions.

Genelux Corporation (GNLX) appears to be oversold at the moment, suggesting that the recent selling pressure may have subsided. This, combined with analysts' optimistic outlook on earnings, could potentially signal a turnaround in the stock's performance.

Genelux Corporation (GNLX) 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.

Genelux Corporation (GNLX) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Genelux recently announced management changes. The company's lead therapy is oncology treatment Olvi-Vec.

Genelux, an immuno-oncology frontrunner, has secured over $65 million in financing and is conducting successful clinical trials for its primary candidate, Olvi-Vec, a cancer treatment that targets and destroys cancer cells. The company recently raised $18 million through the private placement of 900,000 shares, and its cash runway is projected to extend into Q1 2026, allowing it to pursue its objectives and strategies. Genelux's Olvi-Vec has shown promising results in clinical trials, demonstrating its capacity to penetrate and multiply within distant tumor sites.

Genelux focuses on hard-to-treat cancers. Its lead therapy is Olvi-Vec, which did well in a phase 2 trial to treat ovarian cancer.