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Tag: AVRO stock

  • AVROBIO, Inc. (AVRO) stock gained in the pre-market; here is why?

    AVROBIO, Inc. (AVRO) gained significantly in the pre-market after the company announced Phase ½ clinical trial results for cystinosis. AVRO values at $1.80, gaining more than 2.27% from the previously closed value. The stock closed at around $1.76 at the end of the previous trading session. The stock traded volume in the last trading session was around 984.5K shares.

    AVROBIO announces Phase 1/2 Clinical Trial Results for Cystinosis

    AVROBIO released Interim results from a Phase 1/2 clinical trial of AVR-RD-04 today. The collaborator is supporting an innovative gene treatment for cystinosis. The news was made at the 18th Annual WORLDSymposium in San Diego.

    The first three patients are still off oral cysteamine 12–26 months after receiving AVR-RD-04. These patients exhibited steady vector copy number (VCN) readings, indicating engraftment. A fourth patient was injected in November 2021. The medical product has had no known side reactions in the four patients who have received it.

    AVRO CEO’s remarks about the trial results

    According to AVROBIO CEO Geoff MacKay, the significant unmet need of cystinosis patients drives new treatment development. Achieving cures requires kidney transplantation with chronic immunosuppression and substantially shorter lifetimes. These interim results are ready to start their AVROBIO-sponsored cystinosis clinical trial in 2023.

    AVRO trial set for 2023

    The AVROBIO-sponsored trial will hopefully roll out in the United States in 2023. The next target market is Europe and the United Kingdom. Pre-renal transplant and post-renal transplant populations will be the focus of AVROBIO’s current strategy. The company decided after the feedback provided in a report by the FDA today.

    Conclusion

    The drug formulation has not caused any side effects in the four patients treated so far. The company seems confident about the drug and expects to launch it for public use in the US and other European markets. It will increase the company’s revenue and thus increase its value.

  • Avrobio Inc. (AVRO) stock Continues its Bullish trend in the Pre Market

    Avrobio Inc. (AVRO) stock jumped by a further 6.51% in the premarket hours, at $4.09 on December 14. In the previous regular trading session, the stock saw a gain of 2.95%, as it closed the session at $3.84.

    With no recent news from the company, the stock seems to be gaining since the previous inducement grants announcement. After the company announced the grants on December 07, AVRO has been bullish with occasional profit booking events.

    The clinical-stage gene therapy company, Avrobio Inc. has a market capitalization of $162.71M. Currently, the company has 43.62 million shares outstanding in the market.

    AVRO’s Recent Movement

    On December 07, the company announced inducement grants under Nasdaq Listing Rule 5635(c)(4). Since then, the stock has been in an uptrend, while it did encounter occasional profit booking events.

    In the past five days, AVRO stock has seen a minimal loss of 2.29%, while it lost 24.56% last month. Moreover, the stock has subtracted 36.74% in the past three months and 72.45% year to date.

    The Inducement Grants

    As per December 07’s announcement, AVRO granted inducement grants to two new employees. Accordingly, AVRO offered non-statutory stock options to the employees, for buying 14,500 shares of its common stock. Further, the grants were made under the company’s 2019 Inducement Plan and Nasdaq Listing Rule 5635(c)(4).

    Moreover, the stock options have an exercise price of $3.71 per share and were offered on December 1, 2021. Hence, the exercise price represents the stock’s closing price on the grant date.

    AVRO’s Financial Analysis

    On November 04, the company reported its third-quarter financial results for 2021, which ended on September 30, 2021. In the third quarter of 2021, AVRO’s net loss was $32.6 million, against $36.8 million in the year-ago quarter. Consequently, the net loss per basic and diluted share was $0.75 in the third quarter of 2021. This compares to $1.01 in the third quarter of 2020.

    Moreover, the company incurred R&D expenses of $23.0 million in the third quarter of 2021. This compares to $28.5 million in the year-ago quarter.

    Furthermore, the third quarter of 2021, saw general and administrative expenses of $9.6 million. In comparison, the same were $8.2 million in the third quarter of 2020.

    Finally, AVRO ended the third quarter of 2021, with cash and cash equivalents of $201.4 million. Comparatively, the same were $259.7 million on December 31, 2020.