Applied Genetic Technologies Corporation (AGTC) Rating Lowered to Hold at Zacks Investment Research

Applied Genetic Technologies Corporation (NASDAQ:AGTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, May 11th.

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 equities research analysts have also recently issued reports about the company. Stifel Nicolaus dropped their target price on Applied Genetic Technologies Corporation from $22.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 9th. Rodman & Renshaw assumed coverage on Applied Genetic Technologies Corporation in a research report on Wednesday, March 15th. They set a “buy” rating and a $16.00 price target for the company. BMO Capital Markets lowered their price target on Applied Genetic Technologies Corporation from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, February 9th. Cantor Fitzgerald set a $15.00 price target on Applied Genetic Technologies Corporation and gave the company a “hold” rating in a research report on Wednesday, May 10th. Finally, Wedbush reaffirmed an “outperform” rating and set a $15.00 price target on shares of Applied Genetic Technologies Corporation in a research report on Thursday, February 9th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $13.81.

Analyst Recommendations for Applied Genetic Technologies Corporation (NASDAQ:AGTC)

Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) opened at 5.05 on Thursday. The company has a 50-day moving average price of $5.39 and a 200-day moving average price of $7.26. Applied Genetic Technologies Corporation has a 1-year low of $4.70 and a 1-year high of $17.00. The company has a market cap of $91.28 million, a PE ratio of 12.05 and a beta of 1.71.

Applied Genetic Technologies Corporation (NASDAQ:AGTC) last issued its earnings results on Wednesday, May 10th. The biotechnology company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.04. The company had revenue of $8.39 million for the quarter, compared to analysts’ expectations of $10.39 million. Applied Genetic Technologies Corporation had a net margin of 17.61% and a return on equity of 6.62%. The company’s revenue was down 30.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.11 earnings per share. Equities research analysts expect that Applied Genetic Technologies Corporation will post $0.33 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of Applied Genetic Technologies Corporation by 290.2% in the third quarter. Wells Fargo & Company MN now owns 20,936 shares of the biotechnology company’s stock valued at $205,000 after buying an additional 15,570 shares in the last quarter. BlackRock Advisors LLC raised its position in shares of Applied Genetic Technologies Corporation by 106.0% in the third quarter. BlackRock Advisors LLC now owns 106,138 shares of the biotechnology company’s stock valued at $1,038,000 after buying an additional 54,612 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Applied Genetic Technologies Corporation during the fourth quarter valued at about $747,000. State Street Corp raised its position in shares of Applied Genetic Technologies Corporation by 1.8% in the fourth quarter. State Street Corp now owns 300,983 shares of the biotechnology company’s stock valued at $2,813,000 after buying an additional 5,452 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Applied Genetic Technologies Corporation during the fourth quarter valued at about $427,000. 61.51% of the stock is owned by hedge funds and other institutional investors.

Applied Genetic Technologies Corporation 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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