Applied Genetic Technologies (AGTC) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Applied Genetic Technologies (NASDAQ:AGTC) from a hold rating to a sell rating in a research report released on Tuesday, January 9th.

According to Zacks, “Applied Genetic Technologies Corporation is a clinical-stage biotechnology company. It develops gene therapy products for inherited orphan ophthalmology diseases. Its lead product candidates in the preclinical stage include treatments for X-linked retinoschisis, Achromatopsia, and X-linked retinitis pigmentosa, which are diseases of the eye caused by mutations in single genes. Applied Genetic Technologies Corporation is headquartered in Alachua, Florida. “

Other research analysts also recently issued reports about the company. Stifel Nicolaus dropped their target price on Applied Genetic Technologies from $15.00 to $12.00 and set a buy rating on the stock in a research note on Thursday, September 14th. HC Wainwright restated a buy rating and set a $8.00 target price (down from $16.00) on shares of Applied Genetic Technologies in a research note on Thursday, September 14th. Cantor Fitzgerald set a $9.00 price target on Applied Genetic Technologies and gave the company a hold rating in a research note on Friday, October 6th. Wedbush reiterated an outperform rating and set a $9.00 price target on shares of Applied Genetic Technologies in a research note on Wednesday, November 8th. Finally, BMO Capital Markets reiterated an outperform rating and set a $7.00 price target (down previously from $14.00) on shares of Applied Genetic Technologies in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Applied Genetic Technologies currently has an average rating of Hold and an average price target of $10.17.

Shares of Applied Genetic Technologies (AGTC) opened at $4.95 on Tuesday. The stock has a market capitalization of $89.56, a P/E ratio of -19.04 and a beta of 1.61. Applied Genetic Technologies has a one year low of $3.25 and a one year high of $8.40.

Applied Genetic Technologies (NASDAQ:AGTC) last announced its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.06. Applied Genetic Technologies had a negative return on equity of 2.86% and a negative net margin of 8.78%. equities analysts anticipate that Applied Genetic Technologies will post -1.14 EPS for the current year.

A number of large investors have recently bought and sold shares of AGTC. Ativo Capital Management LLC purchased a new stake in shares of Applied Genetic Technologies in the second quarter valued at approximately $439,000. Virtu KCG Holdings LLC purchased a new stake in shares of Applied Genetic Technologies in the second quarter valued at approximately $178,000. Dimensional Fund Advisors LP grew its position in shares of Applied Genetic Technologies by 66.6% in the second quarter. Dimensional Fund Advisors LP now owns 266,441 shares of the biotechnology company’s stock valued at $1,359,000 after purchasing an additional 106,558 shares in the last quarter. Numeric Investors LLC grew its position in Applied Genetic Technologies by 23.6% in the second quarter. Numeric Investors LLC now owns 780,088 shares of the biotechnology company’s stock worth $3,978,000 after acquiring an additional 148,799 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Applied Genetic Technologies by 1,080.3% in the second quarter. Goldman Sachs Group Inc. now owns 143,606 shares of the biotechnology company’s stock worth $732,000 after acquiring an additional 131,439 shares during the period. Institutional investors own 46.60% of the company’s stock.

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Applied Genetic Technologies Company Profile

Applied Genetic Technologies Corporation is a clinical-stage biotechnology company. The Company develops gene therapy products designed to manage the lives of patients with severe diseases in ophthalmology. As of March 31, 2016, its product candidates included treatments for X-linked retinoschisis (XLRS), over two forms of achromatopsia (ACHM) and X-linked retinitis pigmentosa (XLRP).

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