Applied Genetic Technologies (AGTC) Issues Quarterly Earnings Results
Applied Genetic Technologies (NASDAQ:AGTC) posted its earnings results on Thursday. The biotechnology company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.57, MarketWatch Earnings reports. Applied Genetic Technologies had a negative net margin of 88.06% and a negative return on equity of 19.77%. The firm had revenue of $14.03 million during the quarter, compared to the consensus estimate of $2.90 million.
Shares of NASDAQ AGTC traded down $0.31 during midday trading on Friday, reaching $6.70. 146,592 shares of the stock were exchanged, compared to its average volume of 95,308. The company has a market cap of $123.29 million, a PE ratio of -5.68 and a beta of 2.03. Applied Genetic Technologies has a 52-week low of $3.45 and a 52-week high of $7.50.
AGTC has been the subject of several recent research reports. HC Wainwright set a $8.00 target price on shares of Applied Genetic Technologies and gave the company a “buy” rating in a report on Tuesday, September 11th. ValuEngine downgraded shares of Applied Genetic Technologies from a “buy” rating to a “hold” rating in a report on Tuesday. Chardan Capital downgraded shares of Applied Genetic Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $5.00 in a report on Tuesday, September 11th. Wells Fargo & Co upgraded shares of Applied Genetic Technologies from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $20.00 to $6.00 in a report on Monday, September 24th. Finally, Zacks Investment Research downgraded shares of Applied Genetic Technologies from a “hold” rating to a “sell” rating in a report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.45.
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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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