Zacks Investment Research lowered shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) from a hold rating to a strong sell rating in a report released on Tuesday.

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. “

AGTC has been the topic of several other research reports. HC Wainwright set a $16.00 price target on shares of Applied Genetic Technologies Corporation and gave the stock a buy rating in a research report on Thursday, August 10th. Cantor Fitzgerald reduced their price target on shares of Applied Genetic Technologies Corporation from $15.00 to $9.00 and set a neutral rating on the stock in a research report on Thursday, September 14th. Stifel Nicolaus reduced their price target on shares of Applied Genetic Technologies Corporation from $15.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, September 14th. BMO Capital Markets reissued an outperform rating and set a $7.00 price target (down previously from $14.00) on shares of Applied Genetic Technologies Corporation in a research report on Thursday, September 14th. Finally, ValuEngine cut shares of Applied Genetic Technologies Corporation from a hold rating to a sell rating in a research report on Friday, September 15th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. Applied Genetic Technologies Corporation currently has an average rating of Hold and an average target price of $11.71.

Applied Genetic Technologies Corporation (AGTC) traded down 2.94% during midday trading on Tuesday, hitting $3.30. 68,572 shares of the stock traded hands. The firm has a market cap of $59.69 million, a P/E ratio of 165.00 and a beta of 1.63. The company’s 50-day moving average is $3.86 and its 200 day moving average is $4.82. Applied Genetic Technologies Corporation has a 12-month low of $3.30 and a 12-month high of $10.85.

Applied Genetic Technologies Corporation (NASDAQ:AGTC) last issued its quarterly earnings results on Wednesday, September 13th. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.40). The business had revenue of $8.30 million for the quarter, compared to analyst estimates of $12.39 million. Applied Genetic Technologies Corporation had a return on equity of 1.45% and a net margin of 4.28%. The firm’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. On average, analysts anticipate that Applied Genetic Technologies Corporation will post ($0.87) EPS for the current fiscal year.

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Large investors have recently modified their holdings of the stock. Trexquant Investment LP raised its holdings in Applied Genetic Technologies Corporation by 3.2% in the second quarter. Trexquant Investment LP now owns 20,000 shares of the biotechnology company’s stock valued at $102,000 after acquiring an additional 611 shares in the last quarter. Nine Chapters Capital Management LLC acquired a new stake in Applied Genetic Technologies Corporation in the third quarter valued at approximately $113,000. Wells Fargo & Company MN raised its holdings in Applied Genetic Technologies Corporation by 1.1% in the first quarter. Wells Fargo & Company MN now owns 19,005 shares of the biotechnology company’s stock valued at $131,000 after acquiring an additional 200 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in Applied Genetic Technologies Corporation in the second quarter valued at approximately $178,000. Finally, Credit Suisse AG raised its holdings in Applied Genetic Technologies Corporation by 10.9% in the first quarter. Credit Suisse AG now owns 27,110 shares of the biotechnology company’s stock valued at $187,000 after acquiring an additional 2,662 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Genetic Technologies Corporation

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).

Analyst Recommendations for Applied Genetic Technologies Corporation (NASDAQ:AGTC)

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