Shares of the Autolus Therapeutics plc (AUTL) stock soared in the premarket today on November 8, 2021. The stock became bullish after the announcement of a strategic collaboration and financing agreement with BlackStone Life Sciences. AUTL stock price saw a surge of 26.80% to reach $7.05 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 1.59% at closing. Let’s discuss more this stock.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
Autolus Therapeutics plc is the biopharmaceutical stock that is focused to treat cancer diseases via the development of T cell therapies. The stock has a current market value of $405.43 million and 440,189 average trading volume.
BlackStone to invest in AUTL stock:
AUTL stock recently announced that it has signed a strategic collaboration and financing agreement with BlackStone Life sciences pursuant to which the latter will invest up to $250 million in the former. This funding will support the advanced development of CD19 CAR T cell investigational therapy product candidate of AUTL stock. The funding will also help Autolus stock in the next generation product therapies of obe-cel in B-cell malignancies.
According to the agreement, BlackStone will invest $150 million as product financing to support the development as well as commercialization of obe-cel development. $50 million will be payable upon the closing of the transaction and the rest of the amount will be payable based on certain developments and regulatory achievements. BlackStone will buy $100 million American Depository Shares of AUTL stock in a private placement subject to customary closing conditions. In connection with the agreement, BlackStone now has a right to nominate the board member of Autolus stock.
Financial View of AUTL stock:
According to third-quarter 2021 financial results, Autolus stock spent $40.4 million in operating expenses in the three months ended September 30, 2021. This compares to net operating expenses of $42.7 million in the same period of the previous year. Research and development expenses were $32.3 million and general and administrative expenses were $8.3 million in the third quarter of 2021. AUTL stock suffered a net loss of $34.0 million in the third quarter of 2021 as compared to $37.3 million for the same tenure of the previous year. By the end of the third quarter, AUTL stock had $173.1 million total in cash as compared to $216.4 million by the end of the second quarter of 2021.
Wrap Up:
AUTL stock has captivated the attention of investors after the announcement of its strategic collaboration and financing agreement with BlackStone. The financing from BlackStone is a good sign for AUTL stock in terms of its clinical developments.
