HomeTop MoversHere is why AVROBIO Inc. (AVRO) stock performed well on Wednesday?

Here is why AVROBIO Inc. (AVRO) stock performed well on Wednesday?

AVROBIO Inc. (AVRO) shares went up 6.32% in after-hours on Wednesday, November 24, 2021, and closed the daily trading at $4.88. Even in the regular trading session of Wednesday, AVRO’s stock gained 4.79%. AVRO shares have fallen 67.28% over the last 12 months, and they have moved down 5.36% in the past week. Over the past three months, the stock has lost 23.24%, while over the past six months, it has declined 48.72%.

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


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AVRO AVR-RD-01 data presentation

On November 24, 2021, AVROBIO, Inc. (AVRO) hosted a panel of investigators managing the patient experience in Phase 2 FAB-GT clinical trial of AVR-RD-01, which is an investigational one-time gene therapy for Fabry disease, at the 14th International Congress of Inborn Errors of Metabolism (ICIEM).

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The company also presented safety data from the first lentiviral gene therapy clinical trials for Fabry disease and Gaucher disease type 1, as well as 10- to 12-month safety data from gene therapy-treated mice with mucopolysaccharidosis type II (MPSII) or Hunter syndrome.

AVRO participation in the recent events

  • AVROBIO, Inc. recently participated at Stifel 2021 Virtual Healthcare Conference which was held on Wednesday, Nov. 17, 2021.
  • AVRO also participated at Barclays Gene Editing & Gene Therapy Summit which was held on Monday, Nov. 15, 2021.

AVRO Inducement Grant

On November 05, 2021, AVROBIO, Inc. (AVRO) granted a non-statutory stock option for the purchase of up to 120,000 shares of the company’s common stock to the company’s new Chief Medical Officer, Essra Ridha, M.D., as an inducement award under the company’s 2019 Inducement Plan.

AVRO latest financial results

On November 04, 2021, AVROBIO, Inc. (AVRO) reported financial results for the quarter ended Sept. 30, 2021.

Q3 2021 financial highlights

  • AVRO reported nil revenue in Q3 2021 and for Q3 2020.
  • Research and development expenses were $23.0 million in Q3 2021 compared to $28.5 million for the comparable period in 2020.
  • General and administrative expenses were $9.6 million for the third quarter of 2021 compared to $8.2 million in Q3 2020.
  • AVROBIO suffered a net loss of $32.6 million in Q3 2021 compared to a net loss of $36.8 million for the comparable period in 2020.
  • The company ended the third quarter with $201.4 million in cash and cash equivalents, as compared to $259.7 million in cash and cash equivalents as of Dec. 31, 2020.

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Conclusion

The recent data presentation was the reason behind its top-notch performance on Wednesday and we can expect it to continue its momentum on Friday as well, after the Thanksgiving holiday.

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