Trade Report: Today, Applied Genetic Technologies Corp. (AGTC) Upgraded by Zacks Investment Research to “Buy”

Today, Applied Genetic Technologies Corp. (AGTC) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Applied Genetic Technologies Corp. (NASDAQ:AGTC) from a hold rating to a buy rating in a report published on Monday. The firm currently has $9.25 price target on the stock.

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 analysts have also recently issued research reports about the stock. Roth Capital cut shares of Applied Genetic Technologies Corp. from a buy rating to a neutral rating and cut their price target for the company from $34.00 to $12.00 in a report on Tuesday, September 13th. Wedbush cut their price target on shares of Applied Genetic Technologies Corp. from $36.00 to $20.00 and set an outperform rating on the stock in a report on Tuesday, September 13th. BMO Capital Markets cut their price target on shares of Applied Genetic Technologies Corp. from $25.00 to $20.00 and set an outperform rating on the stock in a report on Tuesday, September 13th. Cantor Fitzgerald cut shares of Applied Genetic Technologies Corp. from a buy rating to a hold rating and cut their price target for the company from $32.00 to $15.00 in a report on Tuesday, September 13th. Finally, Janney Montgomery Scott cut shares of Applied Genetic Technologies Corp. from a buy rating to a sell rating and dropped their target price for the company from $23.00 to $11.00 in a report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $16.80.

Applied Genetic Technologies Corp. (NASDAQ:AGTC) opened at 8.30 on Monday. The company’s 50-day moving average is $10.24 and its 200 day moving average is $14.13. The company’s market cap is $149.84 million. Applied Genetic Technologies Corp. has a 52-week low of $8.15 and a 52-week high of $21.43.

Applied Genetic Technologies Corp. (NASDAQ:AGTC) last released its quarterly earnings results on Monday, September 12th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.08. The business had revenue of $12.10 million for the quarter. Applied Genetic Technologies Corp. had a negative net margin of 2.92% and a negative return on equity of 1.34%. The business’s revenue was up 1604.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.48) EPS. Equities analysts forecast that Applied Genetic Technologies Corp. will post ($0.61) earnings per share for the current fiscal year.

In related news, CFO Lawrence E. Bullock purchased 10,000 shares of the stock in a transaction dated Monday, September 19th. The stock was purchased at an average price of $8.75 per share, with a total value of $87,500.00. Following the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $87,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark S. Shearman purchased 3,000 shares of the stock in a transaction dated Thursday, September 22nd. The stock was bought at an average cost of $8.87 per share, with a total value of $26,610.00. Following the transaction, the insider now owns 1,700 shares in the company, valued at $15,079. The disclosure for this purchase can be found here. 2.46% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Algert Global LLC bought a new position in Applied Genetic Technologies Corp. during the third quarter valued at about $539,000. American Century Companies Inc. raised its position in shares of Applied Genetic Technologies Corp. by 61.0% in the second quarter. American Century Companies Inc. now owns 137,620 shares of the company’s stock worth $1,945,000 after buying an additional 52,155 shares during the period. Numeric Investors LLC raised its position in shares of Applied Genetic Technologies Corp. by 3.8% in the second quarter. Numeric Investors LLC now owns 720,969 shares of the company’s stock worth $10,187,000 after buying an additional 26,670 shares during the period. Panagora Asset Management Inc. raised its position in shares of Applied Genetic Technologies Corp. by 15.3% in the second quarter. Panagora Asset Management Inc. now owns 225,696 shares of the company’s stock worth $3,189,000 after buying an additional 29,881 shares during the period. Finally, A.R.T. Advisors LLC raised its position in shares of Applied Genetic Technologies Corp. by 113.9% in the second quarter. A.R.T. Advisors LLC now owns 58,960 shares of the company’s stock worth $833,000 after buying an additional 31,400 shares during the period. 60.11% of the stock is owned by hedge funds and other institutional investors.

About Applied Genetic Technologies Corp.

Applied Genetic Technologies Corporation is a clinical-stage biotechnology company. The Company develops gene therapy products designed to manage the lives of patients with severe diseases in ophthalmology. As of March 31, 2016, its product candidates included treatments for X-linked retinoschisis (XLRS), over two forms of achromatopsia (ACHM) and X-linked retinitis pigmentosa (XLRP).

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