- AlloVir, Inc. ( NASDAQ: ALVR ) dropped ~15% intraday on Monday after regulatory filings indicated that the Executive Chairman of the cell therapy company David Hallal sold more than $5M worth of ALVR stock he has indirectly owned.
- The SEC Form 4 submitted by Hallal shows the sale of 600K ALVR shares at $8.45 per share for ~$5.1M on Thursday in a transaction that reduced his stake by ~3%.
- Hallal is a 30-year veteran in biopharma who has previously led Alexion Pharmaceuticals, which was acquired by AstraZeneca ( AZN ) in 2021.
- This year ALVR shares have lost ~46% underperforming the ~32% decline in the broader market, as indicated in this graph.
- The transaction comes ahead of multiple catalysts for ALVR, including a topline readout scheduled for its lead asset posoleucel in 1Q 2023 from a Phase 2 trial against the BK virus in kidney transplant patients.
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AlloVir falls 15% as Executive Chairman reports over $5M share sale