Zacks Investment Research upgraded shares of Applied Genetic Technologies (NASDAQ:AGTC) from a sell rating to a hold rating in a research note released on Friday, March 30th.
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 also recently weighed in on AGTC. ValuEngine downgraded Applied Genetic Technologies from a sell rating to a strong sell rating in a report on Sunday, December 31st. Cantor Fitzgerald reiterated a hold rating and issued a $9.00 price objective on shares of Applied Genetic Technologies in a research report on Wednesday, January 17th. HC Wainwright set a $8.00 price objective on Applied Genetic Technologies and gave the stock a buy rating in a research report on Friday, February 9th. Finally, Wedbush reiterated an outperform rating on shares of Applied Genetic Technologies in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $9.00.
Shares of AGTC opened at $4.90 on Friday. The company has a market capitalization of $91.43, a P/E ratio of 245.00 and a beta of 2.10. Applied Genetic Technologies has a 52-week low of $3.25 and a 52-week high of $6.45.
Applied Genetic Technologies (NASDAQ:AGTC) last posted its quarterly earnings data on Friday, February 9th. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.20). Applied Genetic Technologies had a negative net margin of 33.24% and a negative return on equity of 9.21%. The firm had revenue of $4.85 million during the quarter, compared to analyst estimates of $8.72 million. During the same period in the previous year, the company posted $0.10 earnings per share. Applied Genetic Technologies’s revenue was down 55.5% compared to the same quarter last year. equities analysts anticipate that Applied Genetic Technologies will post -1.3 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in AGTC. Citadel Advisors LLC increased its position in Applied Genetic Technologies by 304.6% during the 3rd quarter. Citadel Advisors LLC now owns 41,270 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 31,070 shares in the last quarter. Two Sigma Investments LP increased its position in Applied Genetic Technologies by 29.9% during the 4th quarter. Two Sigma Investments LP now owns 60,892 shares of the biotechnology company’s stock worth $219,000 after purchasing an additional 14,011 shares in the last quarter. Spark Investment Management LLC increased its position in Applied Genetic Technologies by 122.1% during the 4th quarter. Spark Investment Management LLC now owns 107,700 shares of the biotechnology company’s stock worth $387,000 after purchasing an additional 59,200 shares in the last quarter. 683 Capital Management LLC purchased a new stake in Applied Genetic Technologies during the 4th quarter worth about $778,000. Finally, Municipal Employees Retirement System of Michigan increased its position 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 purchasing an additional 124,810 shares in the last quarter. Institutional investors and hedge funds own 45.88% 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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