Why Shares of Genelux Climbed This Week

Shares of Genelux (NASDAQ: GNLX) were up 14.8% for the week, as of 9:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. The clinical-stage biotech company's stock closed last week at $20.35 and rose to as high as $26.93 on Wednesday. The stock is down more than 6% so far this year.

Genelux specializes in immunotherapies for difficult-to-treat cancers. The company's lead therapy is a chemotherapy drug, Olvi-Vec (olvimulogene nanivacirepvec), which is being tested in late-stage trials to treat heavily pretreated patients with platinum-resistant or refractory ovarian cancer, as well as a planned phase 2 trial as a treatment to ward off the return of  non-small cell lung cancer (NSCLC).

The company's stock rose after it announced, on July 20, several management changes. Genelux promoted Joseph Cappello from Vice President of Pharmaceutical Development to Chief Technical Officer. Tony Yu, formerly the Vice President of Clinical Trial Operations, was promoted to Senior Vice President of Clinical Development. The company also added two executives who came over from : Ralph Smalling as Head of Regulatory and Caroline Jewett as Head of Quality.

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Source Fool.com