Applied Genetic Technologies Corporation (NASDAQ:AGTC) Cut to “Sell” at Zacks Investment Research

Applied Genetic Technologies Corporation (NASDAQ:AGTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, July 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. “

AGTC has been the subject of several other reports. Rodman & Renshaw initiated coverage on shares of Applied Genetic Technologies Corporation in a research report on Wednesday, March 15th. They issued a “buy” rating and a $16.00 price target for the company. ValuEngine lowered shares of Applied Genetic Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Stifel Nicolaus reduced their price objective on shares of Applied Genetic Technologies Corporation from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 11th. Cantor Fitzgerald set a $15.00 price objective on shares of Applied Genetic Technologies Corporation and gave the company a “hold” rating in a research note on Wednesday, May 10th. Finally, HC Wainwright set a $16.00 target price on shares of Applied Genetic Technologies Corporation and gave the stock a “buy” rating in a research note on Saturday, June 10th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $13.81.

Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) traded down 1.98% on Tuesday, hitting $4.95. The company’s stock had a trading volume of 120,931 shares. The stock has a market capitalization of $89.48 million, a P/E ratio of 11.81 and a beta of 1.68. The stock’s 50 day moving average price is $4.97 and its 200 day moving average price is $6.10. Applied Genetic Technologies Corporation has a 52 week low of $4.50 and a 52 week high of $15.78.

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

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A number of institutional investors have recently modified their holdings of AGTC. InterWest Venture Management Co raised its position in shares of Applied Genetic Technologies Corporation by 0.3% in the second quarter. InterWest Venture Management Co now owns 1,455,904 shares of the biotechnology company’s stock worth $7,425,000 after buying an additional 3,688 shares in the last quarter. FMR LLC raised its position in Applied Genetic Technologies Corporation by 2.3% in the fourth quarter. FMR LLC now owns 1,115,494 shares of the biotechnology company’s stock worth $10,430,000 after buying an additional 24,864 shares during the period. State Street Corp raised its position in 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 worth $2,813,000 after buying an additional 5,452 shares during the period. Dimensional Fund Advisors LP raised its position in Applied Genetic Technologies Corporation by 66.6% in the second quarter. Dimensional Fund Advisors LP now owns 266,441 shares of the biotechnology company’s stock worth $1,359,000 after buying an additional 106,558 shares during the period. Finally, Renaissance Technologies LLC raised its position in Applied Genetic Technologies Corporation by 378.2% in the first quarter. Renaissance Technologies LLC now owns 252,013 shares of the biotechnology company’s stock worth $1,739,000 after buying an additional 199,313 shares during the period. Hedge funds and other institutional investors own 62.22% of the company’s stock.

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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