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Why Applied Genetic Technologies Corp (AGTC) stock lost its positive moment in the after-hours on Monday?

SIG Stock

SIG Stock

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.

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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?

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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.

Ms. Washer and Mark Shearman, Ph.D., Chief Scientific Officer provided updates about the company.

Sue Washer, President & Chief Executive Officer, and Bill Sullivan, Chief Financial Officer presented the company.

Ms. Washer and Mark Shearman, Chief Scientific Officer presented the company

Financial results

On February 11, 2021, Applied Genetic Technologies Corporation announced financial results for the quarter ended December 31, 2020.

Conclusion

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.

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