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.

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. grew its holdings in shares of Applied Genetic Technologies by 18.9% during the second quarter. Point72 Asset Management L.P. now owns 214,000 shares of the biotechnology company’s stock worth $792,000 after buying an additional 34,000 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Applied Genetic Technologies by 28.5% during the second quarter. Renaissance Technologies LLC now owns 634,500 shares of the biotechnology company’s stock worth $2,348,000 after buying an additional 140,700 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of Applied Genetic Technologies during the second quarter worth about $129,000. Dimensional Fund Advisors LP grew its holdings in shares of Applied Genetic Technologies by 15.7% during the second quarter. Dimensional Fund Advisors LP now owns 731,898 shares of the biotechnology company’s stock worth $2,708,000 after buying an additional 99,358 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Applied Genetic Technologies during the second quarter worth about $2,538,000. Institutional investors and hedge funds own 48.42% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This news story was originally posted by Daily Political and is owned by of Daily Political. If you are viewing this news story on another website, it was illegally stolen and republished in violation of US & international copyright & trademark legislation. The original version of this news story can be viewed at https://www.dailypolitical.com/2018/11/10/applied-genetic-technologies-agtc-issues-quarterly-earnings-results.html.

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.

Featured Article: Why Dividend Stocks May Be Right for You

Earnings History for Applied Genetic Technologies (NASDAQ:AGTC)

Receive News & Ratings for Applied Genetic Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Genetic Technologies and related companies with MarketBeat.com's FREE daily email newsletter.