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Thursday, May 19, 2022

Applied Genetic Technologies Corp. (AGTC) on a Downward Spiral in Aftermarket. What’s New.

Applied Genetic Technologies Corp. (AGTC) is a contemporary clinical-stage biotherapeutics firm engaged in the development of gene therapies for curing ophthalmic, otologic, and CNS disorders. The company’s latest clinical portfolios include X-linked retinitis pigmentosa and achromatopsia, which leverage its platform to recover the vision in patients with inherited retinal disorders.


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AGTC stock price on the regular trading session of March 21, 2022, plummeted by 4.26% to be $1.80. Its price further nosedived as of the writing in the aftermarket session by 20.5%.

AGTC: Events and Happenings

On March 21, 2022, AGTC updated on the commencement of its common stock’s underwritten public offering. All the proposed offering shares are sold by the company. Additionally, the company anticipates granting a 30-day option to the underwriters to acquire 15% additional shares of its common stock. On March 08, 2022, AGTC informed the press regarding its Executive management’s participation at the following investor conferences held virtually

  • 34thAnnual ROTH Conference held on March 13-15.
  • Cantor Fitzgerald Rare Orphan Disease Summit being held on March 29, and
  • C. Wainwright Gene Therapy and Gene Editing Conference being held on March 30, 2022.

On February 08, 2022, AGTC reported the interim pediatric three-month outcomes and supplementary safety results from its Phase 1/2 trials of AGTC-401. Data from the subjects supported the previous findings which confirmed optimistic biologic activity and a promising safety profile. On January 11, 2022, AGTC announced that it surpassed the patient enrollment target in its SKYLINE trial of AGTC-501. 14 patients were totally enrolled, surpassing the anticipated target enrollment of 12.

AGTC: Key Financials

AGTC issued its financial statement on February 14, 2022, for the three months ended December 31, 2021. Some key highlights are mentioned below.

Revenue

No revenue was recorded by the company in the corresponding quarters of 2021 and 2020.

EPS

Net loss per share (basic and diluted) for the quarter ended December 31, 2021, was $19.1 million or $0.45 against $15.4 million or $0.60 during the same period in 2020. The company’s EPS soared considerably YoY. Also, it missed the target EPS by -$0.06.

Conclusion

AGTC stock’s performance remained low in the past six months as visible in its stock price decline by 45%. The sole reason behind the plummeting of stock prices of almost all industries was the downfall as a result of the pandemic. The company is currently observing a decline in aftermarket trading as it issued the statement regarding the commencement of the public offering. For the upcoming earnings release, it estimates the EPS to be -$0.43.

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