Applied Genetic Technologies Corp (AGTC) Given Consensus Recommendation of “Buy” by Brokerages

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Shares of Applied Genetic Technologies Corp (NASDAQ:AGTC) have been assigned a consensus rating of “Buy” from the seven research firms that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $6.90.

A number of research firms have weighed in on AGTC. BMO Capital Markets downgraded Applied Genetic Technologies from an “outperform” rating to a “market perform” rating and set a $5.00 price objective on the stock. in a report on Thursday, December 13th. HC Wainwright reaffirmed a “buy” rating and set a $5.75 price objective on shares of Applied Genetic Technologies in a report on Friday, February 8th. TheStreet downgraded Applied Genetic Technologies from a “c-” rating to a “d+” rating in a report on Wednesday, January 2nd. ValuEngine downgraded Applied Genetic Technologies from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 5th. Finally, Zacks Investment Research raised Applied Genetic Technologies from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a report on Tuesday, February 12th.

Shares of AGTC opened at $3.34 on Wednesday. Applied Genetic Technologies has a 12-month low of $2.26 and a 12-month high of $7.50. The stock has a market cap of $59.22 million, a P/E ratio of -2.83 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%. On average, equities analysts anticipate that Applied Genetic Technologies will post -1.25 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in Applied Genetic Technologies by 11.7% during the third quarter. Dimensional Fund Advisors LP now owns 817,584 shares of the biotechnology company’s stock valued at $5,968,000 after purchasing an additional 85,686 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Applied Genetic Technologies by 11.5% in the 3rd quarter. Renaissance Technologies LLC now owns 707,500 shares of the biotechnology company’s stock worth $5,165,000 after acquiring an additional 73,000 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Applied Genetic Technologies by 9,001.3% in the 3rd quarter. Wells Fargo & Company MN now owns 215,610 shares of the biotechnology company’s stock worth $1,574,000 after acquiring an additional 213,241 shares in the last quarter. Vanguard Group Inc boosted its holdings in shares of 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 acquiring an additional 5,300 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in shares of Applied Genetic Technologies by 153.8% in the 4th quarter. Two Sigma Advisers LP now owns 80,729 shares of the biotechnology company’s stock worth $201,000 after acquiring an additional 48,922 shares in the last quarter. 41.93% of the stock is currently owned by institutional investors.

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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