Applied Genetic Technologies (AGTC) Raised to Buy at Zacks Investment Research

Applied Genetic Technologies (NASDAQ:AGTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $7.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 14.57% from the stock’s current price.

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. “

Several other research analysts have also recently weighed in on AGTC. ValuEngine cut shares of Applied Genetic Technologies from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 5th. TheStreet upgraded shares of Applied Genetic Technologies from a “d+” rating to a “c” rating in a report on Friday, November 9th. HC Wainwright set a $8.00 target price on shares of Applied Genetic Technologies and gave the stock a “buy” rating in a research report on Thursday, November 8th. Wells Fargo & Co raised shares of Applied Genetic Technologies from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $20.00 to $6.00 in a research report on Monday, September 24th. Finally, Chardan Capital cut Applied Genetic Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $5.00 in a research note on Tuesday, September 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $7.00.

Shares of Applied Genetic Technologies stock traded down $0.06 during trading on Tuesday, hitting $6.11. 175,646 shares of the stock traded hands, compared to its average volume of 65,613. The firm has a market cap of $117.85 million, a price-to-earnings ratio of -5.18 and a beta of 2.03. Applied Genetic Technologies has a twelve month low of $3.45 and a twelve month high of $7.50.

Applied Genetic Technologies (NASDAQ:AGTC) last announced its quarterly earnings results on Thursday, November 8th. The biotechnology company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.57. The business had revenue of $14.03 million for the quarter, compared to analyst estimates of $2.90 million. Applied Genetic Technologies had a negative return on equity of 18.97% and a negative net margin of 67.02%. On average, equities research analysts predict that Applied Genetic Technologies will post -1.25 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its holdings in shares of Applied Genetic Technologies by 18.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 214,000 shares of the biotechnology company’s stock valued at $792,000 after acquiring an additional 34,000 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Applied Genetic Technologies by 9,001.3% in the third quarter. Wells Fargo & Company MN now owns 215,610 shares of the biotechnology company’s stock valued at $1,574,000 after purchasing an additional 213,241 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Applied Genetic Technologies by 28.5% during the second quarter. Renaissance Technologies LLC now owns 634,500 shares of the biotechnology company’s stock worth $2,348,000 after acquiring an additional 140,700 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Applied Genetic Technologies by 15.7% in the second quarter. Dimensional Fund Advisors LP now owns 731,898 shares of the biotechnology company’s stock worth $2,708,000 after purchasing an additional 99,358 shares during the period. Institutional investors own 45.76% of the company’s stock.

Applied Genetic Technologies Company Profile

Applied Genetic Technologies Corporation, a clinical-stage biotechnology company, develops transformational genetic therapies for patients suffering from rare and debilitating diseases. The company's lead products consist of four ophthalmology development programs across three targets, including X-linked retinoschisis that is in Phase I/II clinical trials; X-linked retinitis pigmentosa, which is in Phase I/II clinical trials; and achromatopsia that is in Phase I/II clinical trials for the treatment of inherited retinal diseases, as well as a preclinical program in adrenoleukodystrophy, which is a disease of the central nervous system and otology.

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