Company Update (NASDAQ:AAVL): Avalanche Biotechnologies Inc Reports Third Quarter 2015 Financial Results
Avalanche Biotechnologies Inc (NASDAQ:AAVL), a biopharmaceutical company committed to improving or preserving the sight of people suffering from serious eye diseases with an unmet medical need, today reported financial results for the third quarter ended September 30, 2015.
“We continue to make progress in our pre-clinical work across multiple disease states and in the development of our next-generation vector technology to enable new therapies,” said Hans Hull, interim chief executive officer of Avalanche. “We’re also looking forward to attending the upcomingAmerican Academy of Ophthalmology annual meeting where two clinicians will be presenting AVA-101 Phase 1 36-month data and Phase 2a 52-week data for the potential treatment of wet age-related macular degeneration.”
Third Quarter 2015 Financial Results
- Cash, cash equivalents and marketable securities as of September 30, 2015 were $268.9 million, compared to $159.4 million as of December 31, 2014.
- Revenues, consisting of revenue from collaborative research, were $953,000 for the quarter ended September 30, 2015, compared to $204,000 for the quarter ended September 30, 2014.
- Research and development expenses were $7.5 million for the quarter ended September 30, 2015, compared to $5.7 million for the quarter ended September 30, 2014.
- General and administrative expenses were $7.6 million for the quarter ended September 30, 2015, compared to $2.4 million for the quarter ended September 30, 2014. This included a one-time non-cash charge of $2.4 million in stock-based compensation expense related to the departure of former chief executive officer Thomas Chalberg in July 2015.
- Net loss attributable to common stockholders was $14.1 million, or $0.55 per basic and diluted share, for the quarter ended September 30, 2015, compared to a net loss attributable to common stockholders of $8.3 million, or $0.50 per basic and diluted share, for the quarter ended September 30, 2014. (Original Source)
Shares of Avalanche Biotechnologies opened today at $9.12 and are currently trading up at $9.38. AAVL has a 1-year high of $62.48 and a 1-year low of $7.40. The stock’s 50-day moving average is $8.62 and its 200-day moving average is $18.52.
On the ratings front, Avalanche has been the subject of a number of recent research reports. In a report issued on August 17, Chardan analyst Gbola Amusa MD CFA upgraded AAVL to Buy, with a price target of $17.50, which represents a potential upside of 91.9% from where the stock is currently trading. Separately, on August 13, Piper Jaffray’s Joshua Schimmer reiterated a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gbola Amusa MD CFA and Joshua Schimmer have a total average return of 6.1% and -3.5% respectively. CFA has a success rate of 56.6% and is ranked #840 out of 3829 analysts, while Schimmer has a success rate of 41.3% and is ranked #3570.
Avalanche Biotechnologies Inc is a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases.