Applied Genetic Technologies Corp. (NASDAQ:AGTC) – Stock analysts at Wedbush reduced their Q2 2017 earnings estimates for shares of Applied Genetic Technologies Corp. in a research note issued on Wednesday. Wedbush analyst D. Nierengarten now expects that the brokerage will earn ($0.04) per share for the quarter, down from their prior estimate of $0.07. Wedbush has a “Outperform” rating and a $17.00 price objective on the stock. Wedbush also issued estimates for Applied Genetic Technologies Corp.’s Q3 2017 earnings at ($0.20) EPS, Q4 2017 earnings at ($0.24) EPS, FY2017 earnings at ($0.29) EPS, Q1 2018 earnings at ($0.27) EPS, Q2 2018 earnings at ($0.02) EPS, Q3 2018 earnings at ($0.32) EPS, Q4 2018 earnings at ($0.34) EPS, FY2018 earnings at ($0.94) EPS, FY2019 earnings at ($0.57) EPS and FY2020 earnings at $1.43 EPS.

Applied Genetic Technologies Corp. (NASDAQ:AGTC) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.28. Applied Genetic Technologies Corp. had a net margin of 23.63% and a return on equity of 10.56%. The firm had revenue of $11.80 million for the quarter, compared to analyst estimates of $10.21 million. During the same quarter last year, the firm posted ($0.53) earnings per share. Applied Genetic Technologies Corp.’s revenue for the quarter was up 6.8% compared to the same quarter last year.

Earnings History and Estimates for Applied Genetic Technologies Corp. (NASDAQ:AGTC)

Several other analysts also recently issued reports on the company. Zacks Investment Research upgraded Applied Genetic Technologies Corp. from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Tuesday, October 11th. Stifel Nicolaus cut their price objective on Applied Genetic Technologies Corp. from $29.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, September 13th. Roth Capital upgraded Applied Genetic Technologies Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $12.00 to $15.00 in a report on Wednesday. BMO Capital Markets restated a “buy” rating and set a $20.00 price objective on shares of Applied Genetic Technologies Corp. in a report on Wednesday. Finally, Cantor Fitzgerald downgraded Applied Genetic Technologies Corp. from a “buy” rating to a “hold” rating and cut their price objective for the stock from $32.00 to $15.00 in a report on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $16.80.

Applied Genetic Technologies Corp. (NASDAQ:AGTC) opened at 9.85 on Friday. The company has a 50-day moving average of $8.58 and a 200 day moving average of $13.00. Applied Genetic Technologies Corp. has a 12-month low of $6.35 and a 12-month high of $21.43. The stock’s market cap is $177.82 million.

Institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its position in 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 in the last quarter. Adams Diversified Equity Fund Inc. purchased a new position in Applied Genetic Technologies Corp. during the second quarter worth approximately $239,000. Bank of Montreal Can purchased a new position in Applied Genetic Technologies Corp. during the second quarter worth approximately $565,000. Smith Asset Management Group LP increased its position in Applied Genetic Technologies Corp. by 292.5% in the second quarter. Smith Asset Management Group LP now owns 25,200 shares of the company’s stock worth $356,000 after buying an additional 18,780 shares in the last quarter. Finally, Strs Ohio increased its position in Applied Genetic Technologies Corp. by 3.7% in the second quarter. Strs Ohio now owns 42,300 shares of the company’s stock worth $597,000 after buying an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 61.31% of the company’s stock.

In other news, insider Mark S. Shearman acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The shares were purchased at an average price of $8.87 per share, for a total transaction of $26,610.00. Following the completion of the acquisition, the insider now owns 1,700 shares of the company’s stock, valued at approximately $15,079. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Lawrence E. Bullock acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was purchased at an average price of $8.75 per share, for a total transaction of $87,500.00. Following the acquisition, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $87,500. The disclosure for this purchase can be found here. 2.46% of the stock is owned by corporate insiders.

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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