Zacks Investment Research upgraded shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

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. “

Several other research firms also recently issued reports on AGTC. ValuEngine downgraded shares of Applied Genetic Technologies Corporation from a buy rating to a hold rating in a research note on Friday, June 2nd. HC Wainwright set a $16.00 target price on shares of Applied Genetic Technologies Corporation and gave the stock a buy rating in a research note on Saturday, June 10th. Stifel Nicolaus lowered their target price on shares of Applied Genetic Technologies Corporation from $18.00 to $15.00 and set a buy rating for the company in a research note on Thursday, May 11th. Finally, Cantor Fitzgerald set a $15.00 target price on shares of Applied Genetic Technologies Corporation and gave the stock a hold rating in a research note on Wednesday, May 10th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Applied Genetic Technologies Corporation presently has a consensus rating of Buy and a consensus target price of $13.81.

Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) traded down 1.05% during mid-day trading on Tuesday, hitting $4.70. 182,437 shares of the company’s stock traded hands. The company has a market cap of $84.96 million, a PE ratio of 11.22 and a beta of 1.71. Applied Genetic Technologies Corporation has a 52 week low of $4.60 and a 52 week high of $17.00. The firm has a 50-day moving average of $5.07 and a 200 day moving average of $6.35.

Applied Genetic Technologies Corporation (NASDAQ:AGTC) last released its quarterly earnings results on Wednesday, May 10th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.04. The business had revenue of $8.39 million for the quarter, compared to the consensus estimate of $10.39 million. Applied Genetic Technologies Corporation had a net margin of 17.61% and a return on equity of 6.62%. Applied Genetic Technologies Corporation’s revenue was down 30.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. Equities research analysts predict that Applied Genetic Technologies Corporation will post $0.33 EPS for the current year.

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Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of Applied Genetic Technologies Corporation by 378.2% in the first quarter. Renaissance Technologies LLC now owns 252,013 shares of the biotechnology company’s stock worth $1,739,000 after buying an additional 199,313 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Applied Genetic Technologies Corporation during the second quarter worth $954,000. Dimensional Fund Advisors LP increased its position in shares of Applied Genetic Technologies Corporation by 250.2% in the first quarter. Dimensional Fund Advisors LP now owns 159,883 shares of the biotechnology company’s stock worth $1,103,000 after buying an additional 114,230 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Applied Genetic Technologies Corporation by 114.4% in the fourth quarter. AQR Capital Management LLC now owns 213,688 shares of the biotechnology company’s stock worth $1,998,000 after buying an additional 114,034 shares in the last quarter. Finally, Steinberg Global Asset Management purchased a new position in shares of Applied Genetic Technologies Corporation during the second quarter worth $564,000. 61.55% of the stock is owned by institutional investors and hedge funds.

About Applied Genetic Technologies Corporation

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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