Applied Genetic Technologies (NASDAQ:AGTC) Announces Earnings Results

Applied Genetic Technologies (NASDAQ:AGTC) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.04), Fidelity Earnings reports. Applied Genetic Technologies had a negative net margin of 4.81% and a negative return on equity of 2.47%. The firm had revenue of $0.41 million for the quarter, compared to analysts’ expectations of $0.71 million.

NASDAQ AGTC opened at $3.99 on Friday. The company has a 50 day simple moving average of $3.41 and a 200-day simple moving average of $3.89. Applied Genetic Technologies has a 52-week low of $2.26 and a 52-week high of $7.50.

A number of analysts have commented on AGTC shares. Janney Montgomery Scott started coverage on shares of Applied Genetic Technologies in a research note on Friday, September 6th. They set a “buy” rating and a $13.00 price objective for the company. BMO Capital Markets raised shares of Applied Genetic Technologies from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $5.00 to $9.00 in a research note on Friday. Chardan Capital raised shares of Applied Genetic Technologies from a “neutral” rating to a “buy” rating and set a $7.50 price objective for the company in a research note on Tuesday, September 3rd. Zacks Investment Research lowered shares of Applied Genetic Technologies from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective (up from $12.00) on shares of Applied Genetic Technologies in a research note on Monday, September 23rd. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $11.32.

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.

Further Reading: Cost of Capital

Earnings History for Applied Genetic Technologies (NASDAQ:AGTC)

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