Applied Genetic Technologies Corporation (AGTC) Reaches New 12-Month Low After Earnings Miss

Applied Genetic Technologies Corporation (NASDAQ:AGTC) shares hit a new 52-week low during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $4.05 and last traded at $4.05, with a volume of 486,527 shares trading hands. The stock had previously closed at $4.95.

The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.40). The firm had revenue of $8.30 million for the quarter, compared to analysts’ expectations of $12.39 million. Applied Genetic Technologies Corporation had a net margin of 17.61% and a return on equity of 6.62%. The business’s quarterly revenue was down 31.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS.

Several equities analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 price objective (down previously from $16.00) on shares of Applied Genetic Technologies Corporation in a research note on Thursday. Stifel Nicolaus reduced their price objective on shares of Applied Genetic Technologies Corporation from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday. Cantor Fitzgerald reduced their price objective on shares of Applied Genetic Technologies Corporation from $15.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday. BMO Capital Markets reissued an “outperform” rating and set a $7.00 price objective (down previously from $14.00) on shares of Applied Genetic Technologies Corporation in a research note on Thursday. Finally, Zacks Investment Research raised shares of Applied Genetic Technologies Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $11.14.

A number of large investors have recently bought and sold shares of the business. DAFNA Capital Management LLC raised its stake in Applied Genetic Technologies Corporation by 2.4% during the second quarter. DAFNA Capital Management LLC now owns 421,000 shares of the biotechnology company’s stock worth $2,147,000 after purchasing an additional 10,000 shares during the period. Goldman Sachs Group Inc. raised its stake in Applied Genetic Technologies Corporation by 1,080.3% during the second quarter. Goldman Sachs Group Inc. now owns 143,606 shares of the biotechnology company’s stock worth $732,000 after purchasing an additional 131,439 shares during the period. Numeric Investors LLC raised its stake in shares of Applied Genetic Technologies Corporation by 23.6% in the 2nd quarter. Numeric Investors LLC now owns 780,088 shares of the biotechnology company’s stock valued at $3,978,000 after acquiring an additional 148,799 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Applied Genetic Technologies Corporation by 66.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 266,441 shares of the biotechnology company’s stock valued at $1,359,000 after acquiring an additional 106,558 shares during the period. Finally, Virtu KCG Holdings LLC purchased a new position in shares of Applied Genetic Technologies Corporation in the 2nd quarter valued at $178,000. 54.75% of the stock is currently owned by institutional investors.

The firm has a market cap of $67.79 million, a price-to-earnings ratio of 8.95 and a beta of 1.68. The company’s 50-day moving average price is $4.71 and its 200 day moving average price is $5.62.

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Applied Genetic Technologies Corporation Company Profile

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).

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