Zacks Investment Research downgraded shares of Applied Genetic Technologies (NASDAQ:AGTC) from a hold rating to a sell rating in a research report report published on Monday, Zacks.com reports.

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 subject of a number of other reports. BMO Capital Markets upgraded shares of Applied Genetic Technologies from a market perform rating to an outperform rating and upped their price target for the stock from $5.00 to $9.00 in a research report on Friday, September 27th. HC Wainwright reiterated a buy rating and issued a $18.00 price target (up from $12.00) on shares of Applied Genetic Technologies in a research report on Monday, September 23rd. They noted that the move was a valuation call. Chardan Capital upgraded shares of Applied Genetic Technologies from a neutral rating to a buy rating and set a $7.50 price target for the company in a research report on Tuesday, September 3rd. TheStreet lowered shares of Applied Genetic Technologies from a c- rating to a d rating in a research report on Monday, September 30th. Finally, Wedbush upped their price target on shares of Applied Genetic Technologies from $11.00 to $12.00 and gave the stock an outperform rating in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $11.32.

AGTC stock traded up $0.19 during midday trading on Monday, reaching $3.08. 57,800 shares of the company’s stock traded hands, compared to its average volume of 97,627. Applied Genetic Technologies has a 52-week low of $2.26 and a 52-week high of $7.48. The stock has a market cap of $58.85 million, a P/E ratio of -28.00 and a beta of 2.58. The stock’s 50-day moving average is $3.30 and its 200 day moving average is $3.65.

Applied Genetic Technologies (NASDAQ:AGTC) last posted its quarterly earnings results on Thursday, September 26th. The biotechnology company reported ($0.58) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.54) by ($0.04). The firm had revenue of $0.41 million during the quarter, compared to the consensus estimate of $0.71 million. Applied Genetic Technologies had a negative return on equity of 2.49% and a negative net margin of 4.81%. Sell-side analysts anticipate that Applied Genetic Technologies will post -2.25 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the stock. D. E. Shaw & Co. Inc. boosted its position in shares of Applied Genetic Technologies by 21.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 57,902 shares of the biotechnology company’s stock worth $219,000 after acquiring an additional 10,329 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Applied Genetic Technologies by 359.4% during the second quarter. JPMorgan Chase & Co. now owns 14,700 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 11,500 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Applied Genetic Technologies by 28.8% during the second quarter. Jacobs Levy Equity Management Inc. now owns 81,624 shares of the biotechnology company’s stock worth $309,000 after acquiring an additional 18,265 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Applied Genetic Technologies by 72.8% during the second quarter. Wells Fargo & Company MN now owns 47,676 shares of the biotechnology company’s stock worth $181,000 after acquiring an additional 20,082 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Applied Genetic Technologies by 10.1% during the second quarter. BlackRock Inc. now owns 310,941 shares of the biotechnology company’s stock worth $1,179,000 after acquiring an additional 28,429 shares during the last quarter. Hedge funds and other institutional investors own 37.22% of the company’s stock.

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 Story: Municipal Bonds

Get a free copy of the Zacks research report on Applied Genetic Technologies (AGTC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations 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.