Zacks Investment Research Downgrades Applied Genetic Technologies Corporation (AGTC) to Strong Sell

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

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 equities analysts have also weighed in on AGTC. HC Wainwright set a $16.00 target price on Applied Genetic Technologies Corporation and gave the company a “buy” rating in a research note on Thursday, August 10th. Stifel Nicolaus cut their target price on Applied Genetic Technologies Corporation from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, September 14th. Cantor Fitzgerald set a $9.00 price target on Applied Genetic Technologies Corporation and gave the stock a “hold” rating in a report on Friday, October 6th. BMO Capital Markets restated an “outperform” rating and issued a $7.00 price target (down from $14.00) on shares of Applied Genetic Technologies Corporation in a report on Thursday, September 14th. Finally, ValuEngine downgraded Applied Genetic Technologies Corporation from a “hold” rating to a “sell” rating in a report on Friday, September 15th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Applied Genetic Technologies Corporation currently has a consensus rating of “Hold” and an average price target of $11.71.

Applied Genetic Technologies Corporation (NASDAQ:AGTC) last released its earnings results on Wednesday, September 13th. The biotechnology company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.40). Applied Genetic Technologies Corporation had a net margin of 4.28% and a return on equity of 1.45%. The company had revenue of $8.30 million during the quarter, compared to analyst estimates of $12.39 million. During the same period in the previous year, the company posted $0.15 EPS. The company’s quarterly revenue was down 31.4% compared to the same quarter last year.

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Several institutional investors have recently made changes to their positions in AGTC. Renaissance Technologies LLC increased its holdings in shares of 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 acquiring an additional 199,313 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of Applied Genetic Technologies Corporation in the second quarter worth about $954,000. Numeric Investors LLC increased its holdings in shares of Applied Genetic Technologies Corporation 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Applied Genetic Technologies Corporation 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Applied Genetic Technologies Corporation by 250.2% in the first quarter. Dimensional Fund Advisors LP now owns 159,883 shares of the biotechnology company’s stock worth $1,103,000 after acquiring an additional 114,230 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

About Applied Genetic Technologies Corporation

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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