LogicBio Therapeutics, Inc. (LOGC) is a leading gene therapy-focused company engaged in genome editing and gene delivery portfolios. The company’s pipeline has two genome editing portfolios to its badge, GeneRide, and sAAVy platforms to treat rare diseases of infants and adults.
The price of LOGC stock during the regular early trading on February 2, 2022, was last checked to be $0.65 with a drop of 56.66%.
LOGC: Events and Happenings
On February 2, 2022, LOGC updated about its LB-001 clinical program which the FDA had put on hold. The company received a notification regarding its Phase 1/2 SUNRISE clinical studies of LB-001 in infants with methylmalonic acidemia disease.
On January 4, 2022, LOGC’s Executive management presented at the H.C. Wainwright Bioconnect Conference held virtually on January 10-13, 2022.
LOGC: Key Financials
On November 15, 2021, LOGC released its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows.
Revenue
The company missed the revenue target by $1.51 million. The total revenue recorded in Q3 2021 was $2.1 million, compared with $0.9 million for the same period of 2020. LOGC observed an increase of $1.2 million in revenue over the year.
EPS
Basic and diluted net loss per share in Q3 2021 was $10.2 million or $0.31 compared to $8.0 million or $0.34 in the same quarter of 2020. The company missed the EPS target by $0.02 per share.
On November 11, 2021, LOGC’s Executive management presented at the following two investor conferences.
- Barclays Gene Editing & Gene Therapy Summit on November 15, 2021
- Jefferies Virtual London Healthcare Conference on November 18, 2021.
Conclusion
LOGC dipped by 79% as the company down performed in the last half-year due to tight economic conditions. The company’s stock dipped in the current early trading due to the imposition of a clinical hold by the FDA on its lead product candidate. The analysts are believing this is a blow to the company’s clinical pipeline.
