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

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 reports. HC Wainwright set a $8.00 price target on Applied Genetic Technologies and gave the stock a buy rating in a research note on Tuesday, September 11th. ValuEngine raised Applied Genetic Technologies from a strong sell rating to a sell rating in a research note on Sunday, May 20th. Finally, Chardan Capital cut Applied Genetic Technologies from a buy rating to a neutral rating and cut their target price for the stock from $10.00 to $5.00 in a research note on Tuesday, September 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $7.05.

Shares of AGTC stock opened at $3.90 on Thursday. Applied Genetic Technologies has a twelve month low of $3.25 and a twelve month high of $5.75.

Applied Genetic Technologies (NASDAQ:AGTC) last issued its quarterly earnings results on Monday, September 10th. The biotechnology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.20). The firm had revenue of $5.42 million during the quarter, compared to analysts’ expectations of $6.87 million. Applied Genetic Technologies had a negative return on equity of 19.77% and a negative net margin of 88.06%. research analysts anticipate that Applied Genetic Technologies will post -1.58 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. grew its stake in shares of Applied Genetic Technologies by 16.8% in the first quarter. Alambic Investment Management L.P. now owns 111,082 shares of the biotechnology company’s stock worth $428,000 after acquiring an additional 15,938 shares during the last quarter. Marquette Asset Management LLC purchased a new stake in shares of Applied Genetic Technologies in the second quarter worth $129,000. Altrinsic Global Advisors LLC grew its stake in shares of Applied Genetic Technologies by 7.8% in the first quarter. Altrinsic Global Advisors LLC now owns 246,900 shares of the biotechnology company’s stock worth $951,000 after acquiring an additional 17,900 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Applied Genetic Technologies in the first quarter worth $693,000. Finally, Ancora Advisors LLC grew its stake in shares of Applied Genetic Technologies by 270.8% in the first quarter. Ancora Advisors LLC now owns 74,154 shares of the biotechnology company’s stock worth $285,000 after acquiring an additional 54,154 shares during the last quarter. 48.50% of the stock is currently owned by hedge funds and other 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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