AlloVir (NASDAQ:ALVR) layoffs are in the news after 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. The company is doing so in an effort to reduce costs and preserve capital.
AlloVir notes that these job cuts will mostly take place in the first quarter of 2024 and should finish by April 15. It expects to suffer $13 million in one-time charges related to its headcount reduction. Most of these charges will come in Q1.
What’s Behind the AlloVir Layoffs?
These layoffs come after the company reported three failed clinical trials and ended the development of posoleucel. The discontinuation of posoleucel was announced in December after it failed to prove effective as a multi-virus-specific T-cell therapy.
News of the layoffs has ALVR stock falling 2.1% as of Friday morning. That comes alongside some 1.2 million shares changing hands. For the record, its daily average trading volume is about 1.6 million shares.
Investors seeking out even more of the most recent stock market stories are going to want to keep reading!
We have all of the hottest stock market news that traders are going to want to read about on Friday. Among that is what has stocks up today, Medical Properties Trust (NYSE:MPW) shares are down and Intellia Therapeutics (NASDAQ:NTLA) layoff details. You can catch up on all of these topics at the following links!
More Friday Stock Market News
- Why Are Stocks Up Today?
- Why Is Medical Properties Trust (MPW) Stock Down 31% Today?
- Intellia Therapeutics Layoffs 2024: What to Know About the Latest NTLA Job Cuts
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
