Applied Genetic Technologies Corp. (AGTC) shares were on a move on September 23, 2021. With the quarterly and year-end outcomes, things can move either way around.
The biotech company has been trading sideways since the massive pump in February 2021. Applied Genetic Technologies Corp. (AGTC) has shown promising outlooks in its quarterly reports. The company has some exciting projects in line which puts the stock on upside potential.
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Applied Genetic have released results of the fourth quarter and fiscal year ended June 30, 2021. The company has thrived on its various ongoing projects. Whereas the financial outcomes surpassed the expectations.
AGTC reported a $0.28 per share loss compared to $0.37 per share estimated by Zacks Investment Research. The company posted revenue of $0.5 million in Q4, unchanged from the same period last year.
Applied Genetic’s cash, cash equivalents, and investments at the year-end accumulated around $107.1 million. The Company believes these funds will be sufficient to allow AGTC to generate data from its ongoing clinical programs and to fund currently planned research and discovery programs.
In the last 12 months, the company has moved ahead with its corporate and clinical goals. This can be seen in the positive data from AGTC’s two wholly-owned lead programs and the addition of key industry leaders to its Board of Directors.
According to the CEO of AGTC, Sue Washer, they are looking forward to planning for the potential commercialization of AGTC’s lead programs. The two projects include X-linked Retinitis Pigmentosa (XLRP) and Achromatopsia (ACHM). The data from the ongoing trials in XLRP and ACHM has provided evidence of clinical activity and tolerability. In this aspect, the company expects multiple data readouts in 2021 and 2022.
Mr. Washer also mentioned that in the next 12-months they could opt for a potential IND filing. The AMD and FTD programs are moving forward to IND. Moreover, the company has secured sufficient subjects to initiate toxicology and biodistribution studies in 2022.
Applied Genetic Technologies is working hard to get things going in the right direction with consistency. For that reason, they have added Jon Lieber as the Company’s Chief Financial Officer. While a $74.5 million public offering in February has strengthened AGTC’s financial position.
Applied Genetic Technologies Corp. (AGTC) shares still have an upside in the long-term and if the lead projects end up with commercialization, things will go AGTC’s way.