Zacks Investment Research Downgrades Applied Genetic Technologies (NASDAQ:AGTC) to Hold

Zacks Investment Research cut shares of Applied Genetic Technologies (NASDAQ:AGTC) from a buy rating to a hold rating in a research report report published on Monday, Zacks.com reports.

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 firms also recently issued reports on AGTC. HC Wainwright restated a buy rating and set a $12.00 target price on shares of Applied Genetic Technologies in a research report on Thursday, July 25th. TheStreet upgraded shares of Applied Genetic Technologies from a d rating to a c- rating in a research report on Tuesday, May 7th. Wedbush restated an outperform rating and set a $11.00 target price on shares of Applied Genetic Technologies in a research report on Wednesday, May 8th. Finally, ValuEngine upgraded shares of Applied Genetic Technologies from a sell rating to a hold rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $8.79.

NASDAQ AGTC opened at $3.00 on Monday. The company has a market capitalization of $63.78 million, a PE ratio of 35.10 and a beta of 2.51. The company has a fifty day moving average of $3.82 and a 200 day moving average of $3.92. Applied Genetic Technologies has a 1 year low of $2.26 and a 1 year high of $7.50.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. increased its holdings in Applied Genetic Technologies by 21.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 57,902 shares of the biotechnology company’s stock valued at $219,000 after buying an additional 10,329 shares in the last quarter. Geode Capital Management LLC increased its holdings in Applied Genetic Technologies by 15.2% in the fourth quarter. Geode Capital Management LLC now owns 82,686 shares of the biotechnology company’s stock valued at $205,000 after buying an additional 10,909 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Applied Genetic Technologies by 359.4% in the second quarter. JPMorgan Chase & Co. now owns 14,700 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 11,500 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Applied Genetic Technologies by 28.8% in the second quarter. Jacobs Levy Equity Management Inc. now owns 81,624 shares of the biotechnology company’s stock valued at $309,000 after buying an additional 18,265 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Applied Genetic Technologies by 72.8% in the second quarter. Wells Fargo & Company MN now owns 47,676 shares of the biotechnology company’s stock valued at $181,000 after buying an additional 20,082 shares in the last quarter. 40.37% of the stock is owned by institutional investors.

Applied Genetic Technologies Company Profile

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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