Applied Genetic Technologies (AGTC) Raised to Buy at Zacks Investment Research

Applied Genetic Technologies (NASDAQ:AGTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $3.75 target price on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.33% from the company’s current price.

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 research analysts have also recently weighed in on the company. Wells Fargo & Co reduced their price objective on Applied Genetic Technologies from $20.00 to $15.00 and set an “outperform” rating for the company in a research report on Thursday, December 13th. ValuEngine lowered Applied Genetic Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, December 13th. HC Wainwright set a $6.00 price objective on Applied Genetic Technologies and gave the stock a “buy” rating in a research note 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 target price for the company. in a research note on Thursday, December 13th. Finally, TheStreet lowered Applied Genetic Technologies from a “c-” rating to a “d+” rating in a research note on Wednesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Applied Genetic Technologies currently has an average rating of “Buy” and an average target price of $6.90.

AGTC stock traded down $0.01 during trading on Tuesday, hitting $3.28. The company had a trading volume of 1,176 shares, compared to its average volume of 88,339. Applied Genetic Technologies has a fifty-two week low of $2.26 and a fifty-two week high of $7.50. The company has a market capitalization of $59.65 million, a P/E ratio of -2.78 and a beta of 2.76.

Applied Genetic Technologies (NASDAQ:AGTC) last posted its quarterly earnings data on Thursday, February 7th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.64) by $0.41. The firm 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%. On average, sell-side analysts expect that Applied Genetic Technologies will post -1.71 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AGTC. Wells Fargo & Company MN lifted its position 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 acquiring an additional 213,241 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Applied Genetic Technologies by 28.5% during the 2nd quarter. Renaissance Technologies LLC now owns 634,500 shares of the biotechnology company’s stock worth $2,348,000 after buying an additional 140,700 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Applied Genetic Technologies by 15.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 731,898 shares of the biotechnology company’s stock worth $2,708,000 after buying an additional 99,358 shares in the last quarter. Finally, Vanguard Group Inc increased its holdings in Applied Genetic Technologies by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 494,618 shares of the biotechnology company’s stock worth $3,611,000 after purchasing an additional 5,300 shares in the last quarter. Institutional investors and hedge funds own 43.44% of the company’s stock.

Applied Genetic Technologies Company Profile

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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