On April 11, Aeglea BioTherapeutics Inc. (AGLE) stock rallied by nearly 28% in the after-hours trading at a heavy shares traffic of 1.28 million. Thus, the stock surged up to $3.11 a share in the session after it closed the prior session at $2.43 with a decline of 6.54%.
The reason for the after-hours rally was the additional data presentation from its PEACE Phase 3 study at the SIMD Annual Meeting.
AGLE’s SIMD Presentation
On Monday, the company shared additional data on pegzilarginase for treating Arginase 1 Deficiency (ARG1-D) presented at the Society for Inherited Metabolic Disorders (SIMD) Annual Meeting. Starting on April 10, the meeting will conclude on April 13, 2022.
ARG1-D is a rare progressive disease with high levels of arginine while pegzilarginase has so far shown to normalize elevated levels of the amino acid.
The company’s PEACE Phase 3 study was designed to evaluate the effects of treatment of ARG1-D patients with pegzilarginase, aged two and older. In addition to the previously announced primary endpoint achievement, the presentation at SIMD also included data on patient-level outcomes and additional secondary endpoints.
According to the president and CEO of AGLE, the new data combined with the old proves the potential of pegzilarginase in changing the lives of ARG1-D patients.
Global Biotechnology Market
The global biotechnology market has undergone transformational changes in recent years. The development and innovations associated with molecular biology have ushered new scientific disciplines in the field. Moreover, the global market is expected to grow at a CAGR of over 9.4% between 2021 and 2027.
AGLE Outlook & Price Revisions
In recent weeks, AGLE has seen multiple upward revisions in its earnings for the ongoing quarter. Investment analysts at Piper Sandler increased their Q1 2020 earnings estimates from ($0.34) a share to ($0.31).
Furthermore, Wall Street brokerages are expecting the company to post sales of $1,45 million for this quarter. The full-year sales are expected to be in the range of $5.0 to $6.0 million. With huge growth anticipated in the coming years, the next year’s sales expectations lie at $17.14 million.
On Monday, the company posted new data from its ARG1-D study which proved the potential of its candidate in the treatment of rare diseases. Consequently, the stock became bullish and rallies in the after-hours session.