Applied Genetic Technologies Corp (AGTC) stock started the new week with positivity and gained 2.12% on Monday, April 26, 2021, but it could not continue its momentum and lost 5.31% in the after-hours session and closed at $4.10 per share.
AGTC shares have risen by 11.31% over the last 12 months, and they have moved up by 13.95% in the past week. Over the past three months, the stock has lost -11.27%, while over the past six months, it has shed -19.67%.
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Let’s see if there are any recent developments?
Chief scientific officer resignation
On April 26, 2021, Mark Shearman, Ph.D. chief scientific officer of Applied Genetic Technologies Corporation resigned from his post but will continue to facilitate a smooth transition through June 4, 2021.
The license agreement with SparingVision SAS
On April 19, 2021, Applied Genetic Technologies Corporation signed a license agreement with SparingVision SAS which will provide its proprietary PR1.7 cone-specific promoter technology to be used in the development of two non-competing SparingVision SAS products.
AGTC’s proprietary PR1.7 allows enhanced targeting of gene therapies for indications in which the gene defect is a cone-specific and limiting expression of the gene in other cells that could be undesirable.
The license agreement withTeamedOn International
On April 13, 2021, Applied Genetic Technologies Corporation signed a license agreement with TeamedOn International to provide its clinical trial material, pre-clinical and clinical data of its therapy candidate, rAAV2tYF-CB-hRS1 to advance gene therapy to treat X-linked retinoschisis (XLRS).
XLRS an inherited disease that causes loss of vision due to degeneration of the retina in males. TeamedOn will reinitiate the clinical development of the program.
Participation in the investor conferences
Applied Genetic Technologies recently participated virtually in the following investor conferences.
- Alliance for Regenerative Medicine Cell & Gene Meeting held on April 6-9, 2021.
Ms. Washer and Mark Shearman, Ph.D., Chief Scientific Officer provided updates about the company.
- Wells Fargo Biotech Corporate Access Day which held on April 6, 2021.
Sue Washer, President & Chief Executive Officer, and Bill Sullivan, Chief Financial Officer presented the company.
- Gene Therapy Patient Engagement Summit, which held on March 24, 2021.
- 33rd Annual ROTH Conference held on March 15-17, 2021.
Ms. Washer and Mark Shearman, Chief Scientific Officer presented the company
On February 11, 2021, Applied Genetic Technologies Corporation announced financial results for the quarter ended December 31, 2020.
- AGTC earned zero revenue for the quarter ended December 31, 2020, compared to $2.5 million in the same quarter in 2019.
- It spent $11.8 million in research and development expenses in the reported quarter compared to $8.4 million in the prior-year quarter.
- General and administrative expenses for the three months ended December 31, 2020, were $3.3 million compared to $3.0 million in the same quarter in 2019.
- AGTC suffered a net loss of $15.5 million for the reported quarter compared to $8.6 million in the same quarter in 2019.
- The Company’s cash, cash equivalents and investments totalled $53.1 million, as of December 31, 2020.
Well, the only recent news is the resignation of the chief scientific officer which could e the reason behind losing its positive tempo in the after-hours on Monday.