Applied Genetic Technologies Corp. (AGTC:NASDAQ)
Applied Genetic Technologies Corp. (AGTC:NASDAQ) has a $310M market cap. Making its second appearance on the Small-Cap Biotech Watchlist, AGTC is a gene therapy company focused on ophthalmology, with two programs in clinical development.
Shares of Applied Genetics Technologies Corp. endured their greatest ever one-day selloff Tuesday, after a disillusioning upgrade of a clinical trial incited an investigator to swing to a bearish position from a bullish one.
The biotechnology organization said late Monday that patient enlistment for an early-arrange trial for its treatment of retinoshisis- – the detachment of the retina into two layers- – has been slower than arranged. The clinical convention for the XLRS trail anticipates that enlistment of up will 27 patients, however as of August 2016, a sum of eight patients were selected, the greater part of whom were in the most reduced level gathering.
“The organization does not hope to report further information on the XLRS study this year, however plans to give quarterly reports on its patient enlistment,” Applied Genetics said in an announcement.
The stock AGTC, – 1.01% plunged $4.19, or 32%, to $9.00, to close at the most minimal level since opening up to the world on March 27, 2014 at a first sale of stock cost of $12. Volume of 2.2 million shares was around 29 times the entire day normal.
The stock was the greatest rate decliner exchanging on U.S. trades, as per FactSet. The cost and rate decay surpassed the stock’s past record drop of $3.10, or 16%, on May 4, 2015.
Biogen is Applied Genetics’ biggest shareholder, as per FactSet, with 1.45 million shares, or 8.1% of the shares extraordinary. The stock’s selloff means Biogen’s stake is worth about $6.1 million short of what it was on Monday. Biogen offers shed 1.7% on Tuesday.