Applied Genetic Technologies AGTC Stock News

Applied Genetic Technologies Corp (NASDAQ: AGTC) is making a run for the top in the market this morning, trading on gains of well over 56% in the premarket. The gains come after a press release by the company outlined positive six-month data from a key clinical trial. Here’s what’s going on:

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AGTC Stock Soars On Six Month Data

As mentioned above, Applied Genetic Technologies announced positive data from a clinical trial this morning. In the press release, the company provided 6-month interim data from a Phase 1/2 clinical trial in X-linked retinitis pigmentosa.

AGTC said that preliminary data from the study show that patients that received the treatment showed continued improvement in visual function six months after dosing. In the relase, the company said that the results are consistent with positive data that has been previously released and set the stage for a potential XLRP pivotal trial.

In fact, the company expects to initiate the pivotal trial by the end of this year. Moreover, the company said that it is on track to release interim six-month data from dose escalation cohorts of both of its ongoing trials in achromatopsia by the end of this month.

In a statement, Sue Washer, President and CEO at AGTC, had the following to offer:

These promising results further demonstrate that our XLRP candidate has tremendous potential to provide meaningful benefit to XLRP patients who today have no treatment options. The positive results observed to date give us confidence that the data as a whole will support advancement of our XLRP clinical program to a pivotal trial in 2020.

This News Is Huge

There are multiple reasons why this news is so exciting for investors. First and foremost, XLRP is a rare condition for which there are few treatment options. In fact, the lack of treatment options is why the FDA has fast tracked multiple drugs aimed at fighting the conditions.

With such positive results, Applied Genetic Technologies may be on the cusp of finding a solution. If this is indeed the case, the commercial implications could be incredible.

Moreover, investors have quite a bit to look forward to ahead. In the release, AGTC said that it is expecting to issue two sets of data by the end of the month. These are likely to act as positive catalysts ahead.

So, all in all, the release outlines a reason to be excited for the short term in coming data reports, mid-term with a pivotal study initiated by the end of 2020, and long term through the potential that treating XLRP may bring down the line. So, keep a close eye on AGTC.

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