On March 21, 2022, Applied Genetic Technologies Corp. (AGTC) announced a proposed underwritten public offering. While already being in the red, the stock collapsed in the after-hours following the announcement from the company.
In the regular trading session, AGTC declined by 4.26% after fluctuating between $1.78 and $1.88. At the close of the session, the stock had a price of $1.80 per share while the volume of the shares exchanged was 662.74K. The session’s volume was above the average at 147%. Following the announcement, the stock took a further hit as it plunged down by a huge 20.56% in the after-hours session. Thus, AGTC stock was trading at a value of $1.43 per share in the after-hours on Monday.
The clinical-stage biotechnology company, Applied Genetic Technologies Corp. has a market capitalization of $80.69 million. Founded in 1999, the company has 42.92 million shares outstanding in the market currently. AGTC stock stands at a year-to-date loss of 5.26% while it has gained 11.11% in the past five days.
AGTC’s Public Offering
On Monday, the company declared the initiation of a proposed underwritten public offering of its common stock. Moreover, the company also plans to offer a 30-day option for buying an additional 15% of common stock shares in the original offering, to the underwriter.
The company plans to use the net proceeds from the offering for funding its ongoing Skyline and Vista clinical trials along with Phase ½ trials in the ACHM program. Further, a part of the proceeds will also be used for working capital and general corporate purposes.
Additionally, the sole book-running manager for the offering to the company is Cantor Fitzgerald & Co. The actual size, terms, and complete details of the offering were not provided.
As announced on March 8, the company’s management will be presenting at certain upcoming investor conferences.
AGTC’s CEO and president Sue Washer will be participating in a panel discussion at the Cantor Fitzgerald Virtual Rare Orphan Disease Summit. The panel discussion will take place on March 29 during the conference.
Furthermore, Ms. Washer will also participate in a fireside chat at the H.C. Wainwright Gene Therapy and Gene Editing Conference on March 30.
AGTC’s Q4 2021 Highlights
In Q4 2021, the company incurred a net loss of $19.1 million against $15.5 million in the year-ago quarter.
AGTC ended the quarter with cash and cash equivalents of $72.8 million which the company believes will provide runway into 2023.