HomeEquities ScoreApplied Genetic Technologies Corporation (AGTC) stock went down in the after-hours on...

Applied Genetic Technologies Corporation (AGTC) stock went down in the after-hours on Wednesday, But Why?

Applied Genetic Technologies Corporation (AGTC) shares declined 4.97% in after-hours on Thursday, September 23, 2021, and closed the daily trading at $3.25. However, in the regular trading of Thursday, AGTC’s stock gained 3.01%. AGTC shares have fallen 29.92% over the last 12 months, and they have moved up 2.40% in the past week. Over the past three months, the stock has lost 20.83%, while over the past six months, it has reduced by 35.10%.

Let’s have a look at its recent news and developments.


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AGTC recent financial results announcement

On September 23, 2021, Applied Genetic Technologies Corporation (AGTC) announced financial results for the fourth quarter and fiscal year ended June 30, 2021.

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Q4 2021 financial highlights

  • AGTC reported $0.5 million in revenue in Q4 2021 compared to $0.0 million in Q4 2020.
  • Research and development expenses were $10.0 million for the fourth quarter of 2021 compared to $10.5 million in Q4 2020.
  • General and administrative expenses were $4.3 million for Q4 2021 compared to $4.1 million in Q4 2020.
  • It suffered a net loss of $12.1 million in Q4 2021 compared to a net loss of $14.5 million in Q4 2020.

FY 2021 financial highlights

  • AGTC reported $0.5 million in revenue in FY 2021 compared to $2.5 million in FY 2020.
  • Research and development expenses were $44.4 million for FY 2021 compared to $$35.8 million in FY 2020.
  • General and administrative expenses were $14.6 million for FY 2021, compared to $13.6 million in the fiscal year 2020.
  • Net loss was $ $57.8 million for the year ended June 30, 2021, compared to a net loss of $45.9 million in FY 2020.
  • The Company’s cash, cash equivalents and investments totalled $107.1 million on June 30, 2021.

AGTC participation in the recent conferences

Applied Genetic Technologies Corporation (AGTC) recently participated in the Clinical Trials in Rare Diseases Conference, which was held on September 14, 2021. The company was presented by Jill Dolgin, PharmD, Executive Director of Global Patient Advocacy, and Halley Losekamp, Director of Patient Enrollment.

The company also participated at the H.C. Wainwright 23rd Annual Global Investment Conference which was held on September 13th, 2021.

On September 10, 2021, AGTC participated in a fireside chat at the 2021 Wells Fargo Virtual Healthcare Conference.

AGTC new appointment

On September 08, 2021, Applied Genetic Technologies Corporation (AGTC), appointed Jonathan I. Lieber as their new Chief Financial Officer.

Mr. Lieber has more than 30 years of experience as a both CFO for emerging growth public and private life sciences companies and an investment banker.

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Conclusion

Well, the recent financial results could be the reason behind its plummeting in the after-hours on Thursday and it can continue to decline in the coming trading session as well.

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