We are investigating AVROBIO, Inc. (AVRO) (“AVROBIO” or the “Company”) for potential violations of the federal securities laws.
On or around June 21, 2018, AVROBIO conducted its initial public offering (“IPO”), issuing 5,247,958 shares of common stock priced at $19.00 per share. Then, on March 16, 2020, AVROBIO issued a press release announcing the Company’s financial and operating results for the fourth quarter and fiscal year 2019. The Company reported a net loss of $22.7 million for the quarter, and a net loss of $73.0 million for the year, compared to a net loss of $16.0 million and a net loss of $46.4 million for the comparable periods in 2018. AVROBIO advised investors that “[t]hese increases were due to increased research and development expenses, as well as increased general and administrative expenses.” On this news, AVROBIO’s stock price fell $4.80 per share, or 32.26%, to close at $10.08 per share on March 16, 2020.