Zacks Investment Research downgraded shares of Applied Genetic Technologies Corp (NASDAQ:AGTC) from a hold rating to a strong sell rating in a research note published on Tuesday.

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. “

A number of other research analysts have also recently commented on the stock. Cantor Fitzgerald set a $9.00 price target on shares of Applied Genetic Technologies Corp and gave the stock a hold rating in a research note on Friday, October 6th. ValuEngine cut shares of Applied Genetic Technologies Corp from a hold rating to a sell rating in a research note on Friday, September 15th. HC Wainwright reiterated a buy rating and issued a $8.00 target price (down previously from $16.00) on shares of Applied Genetic Technologies Corp in a research note on Thursday, September 14th. BMO Capital Markets reiterated an outperform rating and issued a $7.00 target price (down previously from $14.00) on shares of Applied Genetic Technologies Corp in a research note on Thursday, September 14th. Finally, Stifel Nicolaus cut their target price on shares of Applied Genetic Technologies Corp from $15.00 to $12.00 and set a buy rating for the company in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $11.71.

Applied Genetic Technologies Corp (AGTC) traded down $0.05 on Tuesday, reaching $3.40. 61,718 shares of the company traded hands, compared to its average volume of 134,242. The company has a market cap of $61.52, a PE ratio of 43.13 and a beta of 1.56. Applied Genetic Technologies Corp has a 1-year low of $3.25 and a 1-year high of $10.85.

Applied Genetic Technologies Corp (NASDAQ:AGTC) last announced its quarterly earnings results on Wednesday, September 13th. The biotechnology company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.40). The business had revenue of $8.30 million for the quarter, compared to the consensus estimate of $12.39 million. Applied Genetic Technologies Corp had a return on equity of 1.45% and a net margin of 4.28%. The firm’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 EPS. research analysts expect that Applied Genetic Technologies Corp will post -0.81 EPS for the current fiscal year.

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Several large investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in shares of Applied Genetic Technologies Corp by 1.1% in the first quarter. Wells Fargo & Company MN now owns 19,005 shares of the biotechnology company’s stock valued at $131,000 after acquiring an additional 200 shares during the last quarter. Trexquant Investment LP increased its holdings in shares of Applied Genetic Technologies Corp by 3.2% in the second quarter. Trexquant Investment LP now owns 20,000 shares of the biotechnology company’s stock valued at $102,000 after purchasing an additional 611 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Applied Genetic Technologies Corp by 2.5% in the first quarter. Russell Investments Group Ltd. now owns 77,710 shares of the biotechnology company’s stock valued at $535,000 after purchasing an additional 1,883 shares in the last quarter. Credit Suisse AG increased its holdings in shares of Applied Genetic Technologies Corp by 10.9% in the first quarter. Credit Suisse AG now owns 27,110 shares of the biotechnology company’s stock valued at $187,000 after purchasing an additional 2,662 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Applied Genetic Technologies Corp by 4.7% in the second quarter. Bank of Montreal Can now owns 59,398 shares of the biotechnology company’s stock valued at $302,000 after purchasing an additional 2,666 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

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).

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