Avrobio Inc. (AVRO) stock jumped by a further 6.51% in the premarket hours, at $4.09 on December 14. In the previous regular trading session, the stock saw a gain of 2.95%, as it closed the session at $3.84.
With no recent news from the company, the stock seems to be gaining since the previous inducement grants announcement. After the company announced the grants on December 07, AVRO has been bullish with occasional profit booking events.
The clinical-stage gene therapy company, Avrobio Inc. has a market capitalization of $162.71M. Currently, the company has 43.62 million shares outstanding in the market.
AVRO’s Recent Movement
On December 07, the company announced inducement grants under Nasdaq Listing Rule 5635(c)(4). Since then, the stock has been in an uptrend, while it did encounter occasional profit booking events.
In the past five days, AVRO stock has seen a minimal loss of 2.29%, while it lost 24.56% last month. Moreover, the stock has subtracted 36.74% in the past three months and 72.45% year to date.
The Inducement Grants
As per December 07’s announcement, AVRO granted inducement grants to two new employees. Accordingly, AVRO offered non-statutory stock options to the employees, for buying 14,500 shares of its common stock. Further, the grants were made under the company’s 2019 Inducement Plan and Nasdaq Listing Rule 5635(c)(4).
Moreover, the stock options have an exercise price of $3.71 per share and were offered on December 1, 2021. Hence, the exercise price represents the stock’s closing price on the grant date.
AVRO’s Financial Analysis
On November 04, the company reported its third-quarter financial results for 2021, which ended on September 30, 2021. In the third quarter of 2021, AVRO’s net loss was $32.6 million, against $36.8 million in the year-ago quarter. Consequently, the net loss per basic and diluted share was $0.75 in the third quarter of 2021. This compares to $1.01 in the third quarter of 2020.
Moreover, the company incurred R&D expenses of $23.0 million in the third quarter of 2021. This compares to $28.5 million in the year-ago quarter.
Furthermore, the third quarter of 2021, saw general and administrative expenses of $9.6 million. In comparison, the same were $8.2 million in the third quarter of 2020.
Finally, AVRO ended the third quarter of 2021, with cash and cash equivalents of $201.4 million. Comparatively, the same were $259.7 million on December 31, 2020.
