Applied Genetic Technologies (AGTC) Trading Up 23.8%

Applied Genetic Technologies Corp (NASDAQ:AGTC) was up 23.8% during mid-day trading on Tuesday . The stock traded as high as $5.35 and last traded at $6.25. Approximately 56,855 shares traded hands during trading, a decline of 33% from the average daily volume of 84,344 shares. The stock had previously closed at $5.05.

Several equities research analysts have recently issued reports on AGTC shares. ValuEngine upgraded Applied Genetic Technologies from a “sell” rating to a “hold” rating in a report on Friday, June 1st. Zacks Investment Research upgraded Applied Genetic Technologies from a “hold” rating to a “buy” rating and set a $4.25 price objective on the stock in a report on Wednesday, July 4th. HC Wainwright set a $8.00 price objective on Applied Genetic Technologies and gave the stock a “buy” rating in a report on Monday, July 23rd. Chardan Capital cut Applied Genetic Technologies from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $5.00 in a report on Tuesday, September 11th. Finally, Wells Fargo & Co upgraded Applied Genetic Technologies from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $20.00 to $6.00 in a report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $6.88.

The firm has a market capitalization of $79.77 million, a PE ratio of -4.36 and a beta of 2.13.

Applied Genetic Technologies (NASDAQ:AGTC) last posted its quarterly earnings data on Monday, September 10th. The biotechnology company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.20). Applied Genetic Technologies had a negative return on equity of 19.77% and a negative net margin of 88.06%. The business had revenue of $5.42 million for the quarter, compared to analyst estimates of $6.87 million. equities research analysts forecast that Applied Genetic Technologies Corp will post -1.58 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. boosted its holdings in Applied Genetic Technologies by 18.9% in the second quarter. Point72 Asset Management L.P. now owns 214,000 shares of the biotechnology company’s stock valued at $792,000 after acquiring an additional 34,000 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Applied Genetic Technologies by 28.5% in the second quarter. Renaissance Technologies LLC now owns 634,500 shares of the biotechnology company’s stock valued at $2,348,000 after acquiring an additional 140,700 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Applied Genetic Technologies by 15.7% in the second quarter. Dimensional Fund Advisors LP now owns 731,898 shares of the biotechnology company’s stock valued at $2,708,000 after acquiring an additional 99,358 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Applied Genetic Technologies in the second quarter valued at about $2,538,000. Finally, Marquette Asset Management LLC purchased a new position in Applied Genetic Technologies in the second quarter valued at about $129,000. Institutional investors and hedge funds own 48.47% of the company’s stock.

About Applied Genetic Technologies (NASDAQ:AGTC)

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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