Applied Genetic Technologies (AGTC) Stock Rating Upgraded by Zacks Investment Research

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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 brokerage presently has a $3.75 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.28% from the company’s previous close.

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 analysts also recently issued reports about the company. TheStreet upgraded Applied Genetic Technologies from a “d+” rating to a “c” rating in a research 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 report on Thursday, November 8th. Wells Fargo & Co cut their target price on shares of Applied Genetic Technologies from $20.00 to $15.00 and set an “outperform” rating for the company in a report on Thursday, December 13th. BMO Capital Markets lowered Applied Genetic Technologies from an “outperform” rating to a “market perform” rating and set a $5.00 price objective on the stock. in a research note on Thursday, December 13th. Finally, ValuEngine cut Applied Genetic Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $6.90.

Shares of AGTC opened at $3.37 on Tuesday. Applied Genetic Technologies has a 12-month low of $2.26 and a 12-month high of $7.50. The firm has a market cap of $58.74 million, a PE ratio of -2.86 and a beta of 2.76.

Applied Genetic Technologies (NASDAQ:AGTC) last released its quarterly earnings data on Thursday, February 7th. The biotechnology company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.41. The company had revenue of $5.93 million for the quarter. Applied Genetic Technologies had a negative return on equity of 19.73% and a negative net margin of 61.04%. As a group, sell-side analysts predict that Applied Genetic Technologies will post -1.71 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. Alambic Investment Management L.P. grew its holdings in Applied Genetic Technologies by 96.0% during the 4th quarter. Alambic Investment Management L.P. now owns 47,600 shares of the biotechnology company’s stock worth $119,000 after acquiring an additional 23,309 shares during the period. Geode Capital Management LLC boosted its position in shares of Applied Genetic Technologies by 15.2% during the 4th quarter. Geode Capital Management LLC now owns 82,686 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 10,909 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Applied Genetic Technologies by 9,001.3% during the 3rd quarter. Wells Fargo & Company MN now owns 215,610 shares of the biotechnology company’s stock valued at $1,574,000 after buying an additional 213,241 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Applied Genetic Technologies by 11.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 911,236 shares of the biotechnology company’s stock worth $2,269,000 after purchasing an additional 93,652 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Applied Genetic Technologies by 28.5% in the second quarter. Renaissance Technologies LLC now owns 634,500 shares of the biotechnology company’s stock valued at $2,348,000 after purchasing an additional 140,700 shares during the last quarter. Institutional investors and hedge funds own 43.44% 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.

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