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  • Proposed Public Offering: Applied Genetic Technologies Corp. (AGTC) stock Collapse After Hours

    Proposed Public Offering: Applied Genetic Technologies Corp. (AGTC) stock Collapse After Hours

    On March 21, 2022, Applied Genetic Technologies Corp. (AGTC) announced a proposed underwritten public offering. While already being in the red, the stock collapsed in the after-hours following the announcement from the company.

    In the regular trading session, AGTC declined by 4.26% after fluctuating between $1.78 and $1.88. At the close of the session, the stock had a price of $1.80 per share while the volume of the shares exchanged was 662.74K. The session’s volume was above the average at 147%. Following the announcement, the stock took a further hit as it plunged down by a huge 20.56% in the after-hours session. Thus, AGTC stock was trading at a value of $1.43 per share in the after-hours on Monday.

    The clinical-stage biotechnology company, Applied Genetic Technologies Corp. has a market capitalization of $80.69 million. Founded in 1999, the company has 42.92 million shares outstanding in the market currently. AGTC stock stands at a year-to-date loss of 5.26% while it has gained 11.11% in the past five days.

    AGTC’s Public Offering

    On Monday, the company declared the initiation of a proposed underwritten public offering of its common stock. Moreover, the company also plans to offer a 30-day option for buying an additional 15% of common stock shares in the original offering, to the underwriter.

    The company plans to use the net proceeds from the offering for funding its ongoing Skyline and Vista clinical trials along with Phase ½ trials in the ACHM program. Further, a part of the proceeds will also be used for working capital and general corporate purposes.

    Additionally, the sole book-running manager for the offering to the company is Cantor Fitzgerald & Co. The actual size, terms, and complete details of the offering were not provided.

    Upcoming Conferences

    As announced on March 8, the company’s management will be presenting at certain upcoming investor conferences.

    AGTC’s CEO and president Sue Washer will be participating in a panel discussion at the Cantor Fitzgerald Virtual Rare Orphan Disease Summit. The panel discussion will take place on March 29 during the conference.

    Furthermore, Ms. Washer will also participate in a fireside chat at the H.C. Wainwright Gene Therapy and Gene Editing Conference on March 30.

    AGTC’s Q4 2021 Highlights

    In Q4 2021, the company incurred a net loss of $19.1 million against $15.5 million in the year-ago quarter.

    AGTC ended the quarter with cash and cash equivalents of $72.8 million which the company believes will provide runway into 2023.

  • What Drove The AGTC Stock Up 14% Afterhours?

    At last check on Wednesday, Applied Genetic Technologies Corporation (AGTC) has gained 13.91% after hours to trade at $4.75. AGTC stock closed the regular trading session at $4.17, climbing just 0.72%. Applied Genetic stock volume was 4.66 million shares, higher than the average daily volume of 1.2 million shares for the past 50 days.

    Over the last 12 months, AGTC shares fell by -38.22%, and they declined by -4.14% just last week. AGTC stock has shed -17.75% over past quarter, and in the last six months, it has faced a loss of -7.74%. Additionally, AGTC has a market capitalization of $176.64 million and 36.75 million outstanding shares. AGTC stock rose as the company announced it would hold a conference call.

    What will AGTC discuss in its conference call?

    Applied The clinical-stage biotechnology company Applied Genetic develops treatments in the field of genetics for ophthalmic, otologic, and central nervous system (CNS) diseases. As part of its mission to develop customized therapies, AGTC designs and constructs all critical elements of gene therapy. Clinical programs developed by AGTC can potentially improve the vision of patients with retinal genetic diseases by using its top-of-the-line technology platform.

    Achromatopsia (ACHM CNGB3 and ACHM CNGA3) and X-linked retinitis pigmentosa (XLRP) are clinical trials that the AGTC is currently conducting. The Company has developed industry leading AAV production technology and scientific expertise that support its preclinical program. As part of its pipeline, AGTC is moving ahead with a number of pipeline candidates targeting unmet clinical needs in the fields of optogenetics, otology, and neurological diseases.

    Applied On Thursday, June 24, 2021, Applied Genetics plans to release 12-month data for its Phase 1/2 clinical Achromatopsia (ACHM) trials that include adults and low-dose pediatric patients.

    Starting at 8:00 a.m. Eastern Time, AGTC management will host a conference call and webcast. ACHM CNGB3 and CNGA3 trial data will be reviewed by AGTC on the same date, and an update on the trials will be provided.

    AGTC’s Investor Relations page will offer access to the live webcast on the Events and Presentations page. AGTC’s website will have the archived presentation and webcast available under Events & Presentations.

    AGTC’s other participations:

    Applied Genetic (AGTC) also announced this week that its Executive Director of Global Patient Advocacy, Jill Dolgin, PharmD, will attend the 124th Annual American Optometric Association Congress & 51st Annual American Optometric Student Association Conference. At that meeting on June 24-26 in Denver, the AGTC’s executive will address optometric graduate students regarding inherited retinal diseases (IRDs).