AgeX Therapeutics Inc. (AGE) Falls Under Corrections After Hours

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AgeX Therapeutics Inc. (AGE) stock gained huge during regular trading while there was no news from the company. Following the hike, the stock fell under corrections in the after-hours to shed its gains.

With no news from the company, AGE added a huge 85.09% during regular trading on Friday. After closing the session at $1.09, the stock succumbed to corrections in the after-hours to fall down to $0.92. Hence, the stock lost 16.06% to corrections in the after hours.

AGE and its Movements

The biotechnology company, AgeX Therapeutics Inc. has a market capitalization of $41.35 million with 37.94 million shares outstanding.

On December 31, investors flocked towards the AGE stock, making it trade heavily at 17.96 million shares. The day’s volume was a huge 4,810% of its 65-day average. Moreover, the stock took a huge leap and reached a high of $1.39 after over five months. Consequently, the stock succumbed to corrections in the after hours.

Moreover, AGE has added a value of 81.67% in the past five days alone and 75.81% last month. Furthermore, the stock has gone down by 28.29% in the past year.

Collaboration with University of California

On December 14, the company announced its collaboration with the University of California, Irvine (UCI). The participants will research the therapeutic potential of exosomes and other extracellular vesicles. These vesicles came from AGE’s pluripotent stem cells’ neural derivatives. Moreover, the goal of this research will be deriving therapies for the treatment of chemotherapy and radiation’s neurocognitive effects on brain function.

Furthermore, Munjal Acharya, Ph.D. will supervise the research at UCI. Dr. Acharya is the Associate Professor at the Stem Cell Research Center, UCI, with experience of over a decade. In addition, Dr. Acharya will also extract required vesicles from the program for therapies for Huntington’s disease and other neurological disorders.

As per the collaboration, AGE will license inventions that may result from the research program. Moreover, using the inventions, the company would also develop and commercialize therapies.

AGE’s Financial Analysis

On November 12, the company announced its financial results for the third quarter of 2021.

In the third quarter of 2021, AGE generated revenues of $24,000 against $69,000 in the year-ago quarter.

Moreover, the company ended the quarter with cash, cash equivalents, and restricted cash of $0.8 million on September 30, 2021. Through a loan from Juvenescence, the company has received a further $0.5 million since October 1.

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