ValuEngine Upgrades Applied Genetic Technologies (AGTC) to Sell

ValuEngine upgraded shares of Applied Genetic Technologies (NASDAQ:AGTC) from a strong sell rating to a sell rating in a report issued on Monday morning.

Other equities research analysts also recently issued reports about the company. HC Wainwright set a $8.00 price target on Applied Genetic Technologies and gave the company a buy rating in a report on Wednesday, May 9th. Wedbush restated an outperform rating on shares of Applied Genetic Technologies in a research note on Friday, February 9th. Cantor Fitzgerald restated a hold rating and set a $9.00 price objective on shares of Applied Genetic Technologies in a research note on Wednesday, January 17th. Finally, Zacks Investment Research upgraded Applied Genetic Technologies from a sell rating to a hold rating in a research note on Friday, March 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $9.00.

Shares of Applied Genetic Technologies opened at $5.50 on Monday, according to Marketbeat Ratings. Applied Genetic Technologies has a twelve month low of $5.30 and a twelve month high of $5.40. The company has a market capitalization of $98.25 million, a PE ratio of 275.00 and a beta of 2.07.

Applied Genetic Technologies (NASDAQ:AGTC) last issued its quarterly earnings results on Tuesday, May 8th. The biotechnology company reported ($0.45) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.04). Applied Genetic Technologies had a negative net margin of 65.96% and a negative return on equity of 16.00%. The firm had revenue of $3.60 million during the quarter, compared to the consensus estimate of $6.41 million. sell-side analysts predict that Applied Genetic Technologies will post -1.38 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of AGTC. 683 Capital Management LLC bought a new position in Applied Genetic Technologies during the 4th quarter worth $778,000. Point72 Asset Management L.P. bought a new position in Applied Genetic Technologies during the 1st quarter worth $693,000. Dimensional Fund Advisors LP grew its stake in Applied Genetic Technologies by 48.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 394,490 shares of the biotechnology company’s stock worth $1,558,000 after buying an additional 128,049 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its stake in Applied Genetic Technologies by 66.7% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 311,820 shares of the biotechnology company’s stock worth $1,123,000 after buying an additional 124,810 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Applied Genetic Technologies by 32.5% during the 4th quarter. Renaissance Technologies LLC now owns 444,428 shares of the biotechnology company’s stock worth $1,600,000 after buying an additional 109,128 shares during the last quarter. Hedge funds and other institutional investors own 45.86% of the company’s stock.

About Applied Genetic Technologies

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Applied Genetic Technologies (NASDAQ:AGTC)

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