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Why did Benitec Biopharma Inc (BNTC) stock plunge on Tuesday?

FEDU Stock

FEDU Stock

Benitec Biopharma Inc (BNTC) stock face negativity in both sessions on Tuesday, April 27, 2021. In the normal trading session, BNTC lost 1.97% and further, it lost 20.44% in the after-hours trading to close at $4.36 per share.

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BNTC shares have lost 49.02% over the last 12 months, and they have moved up by 23.42% in the past week. Over the past three months, the stock has gained 17.34%, while over the past six months, it has surged 88.97%.


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Let’s see why did BNTC did not perform well on Tuesday

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Recent common stock offer

On April 27, 2021, Benitec Biopharma Inc. said that 1,764,705 shares of common stock of the company have been bought by H.C. Wainwright & Coat for $4.25 per share.

BNTC will get gross proceeds of approximately $7.5 million and it will be used for the continued advancement of development activities for its product pipeline, general corporate purposes, and strategic growth opportunities.

Successful results of the BB-301 pilot dosing study

On February 24, 2021, Benitec Biopharma reported successful results of the interim analysis of the BB-301 Pilot Dosing Study.

BB-301 is a first-in-class genetic medicine used for the treatment of OPMD. OPMD is a chronic, life-threatening genetic disorder affecting approximately 15,000 patients in the United States, Canada, Western Europe, and Israel.

Benitec demonstrated a 248-fold improvement and a 111-fold improvement in BB-301 transduction of the two key pharyngeal muscles.

The interim analysis showed highly consistent, dose-dependent levels of BB-301 tissue transduction, with BB-301 copy numbers ranging from 1.7 copies per cell up to 8.6 copies per cell achieved after a single administration of increasing doses of BB-301.

Financial results

On September 23, 2020, Benitec Biopharma reported its financial results for its fiscal year ended June 30, 2020. The company hasn’t announced any further results yet.

FY 2020 financial highlights

Conclusion

The recent common stock offering could be the reason behind its poor performance on Tuesday. In the past 12 months, BNTC performance is great and it did not lose any significant value so we can expect it to bounce back in the coming days.

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