Applied Genetic Technologies Corp. (NASDAQ:AGTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage currently has a $9.25 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.45% from the company’s previous close.

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 several other reports. Janney Montgomery Scott upgraded Applied Genetic Technologies Corp. from a “sell” rating to a “neutral” rating and set a $11.00 price target for the company in a research note on Monday, September 26th. Stifel Nicolaus reduced their price target on Applied Genetic Technologies Corp. from $29.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, September 13th. Cantor Fitzgerald restated a “buy” rating and issued a $32.00 price target on shares of Applied Genetic Technologies Corp. in a research note on Wednesday, June 22nd. Wells Fargo & Co. downgraded Applied Genetic Technologies Corp. from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 13th. Finally, Wedbush reduced their price target on Applied Genetic Technologies Corp. from $36.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, September 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $16.80.

Analyst Recommendations for Applied Genetic Technologies Corp. (NASDAQ:AGTC)

Shares of Applied Genetic Technologies Corp. (NASDAQ:AGTC) traded down 0.36% during mid-day trading on Monday, hitting $8.30. The stock had a trading volume of 221,769 shares. The company’s market capitalization is $149.84 million. The stock’s 50-day moving average price is $10.38 and its 200 day moving average price is $14.17. Applied Genetic Technologies Corp. has a 1-year low of $8.15 and a 1-year high of $21.43.

Applied Genetic Technologies Corp. (NASDAQ:AGTC) last issued its earnings results on Monday, September 12th. The company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.08. Applied Genetic Technologies Corp. had a negative return on equity of 1.34% and a negative net margin of 2.92%. The company earned $12.10 million during the quarter. During the same quarter in the prior year, the firm posted ($0.48) earnings per share. The business’s revenue was up 1604.2% compared to the same quarter last year. On average, analysts predict that Applied Genetic Technologies Corp. will post ($0.61) EPS for the current fiscal year.

In other Applied Genetic Technologies Corp. news, insider Mark S. Shearman purchased 3,000 shares of the stock in a transaction dated Thursday, September 22nd. The stock was bought at an average price of $8.87 per share, with a total value of $26,610.00. Following the acquisition, the insider now owns 1,700 shares of the company’s stock, valued at $15,079. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Lawrence E. Bullock purchased 10,000 shares of the stock in a transaction dated Monday, September 19th. The shares were acquired at an average cost of $8.75 per share, with a total value of $87,500.00. Following the acquisition, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $87,500. The disclosure for this purchase can be found here. Insiders own 2.46% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its position in shares of Applied Genetic Technologies Corp. by 68.3% in the second quarter. Acadian Asset Management LLC now owns 498,825 shares of the company’s stock worth $7,047,000 after buying an additional 202,361 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Applied Genetic Technologies Corp. during the second quarter worth about $1,782,000. BlackRock Fund Advisors boosted its position in shares of Applied Genetic Technologies Corp. by 20.1% in the second quarter. BlackRock Fund Advisors now owns 555,987 shares of the company’s stock worth $7,856,000 after buying an additional 93,015 shares during the last quarter. State Street Corp boosted its position in shares of Applied Genetic Technologies Corp. by 52.4% in the second quarter. State Street Corp now owns 268,156 shares of the company’s stock worth $3,787,000 after buying an additional 92,186 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Applied Genetic Technologies Corp. by 560.7% in the second quarter. Alliancebernstein L.P. now owns 84,700 shares of the company’s stock worth $1,197,000 after buying an additional 71,880 shares during the last quarter. 60.11% of the stock is owned by institutional investors.

About Applied Genetic Technologies Corp.

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).

5 Day Chart for NASDAQ:AGTC

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