Applied Genetic Technologies (NASDAQ:AGTC) Cut to Sell at ValuEngine

ValuEngine downgraded shares of Applied Genetic Technologies (NASDAQ:AGTC) from a hold rating to a sell rating in a research note issued to investors on Monday morning, ValuEngine reports.

AGTC has been the topic of several other research reports. Wedbush reissued a buy rating and set a $12.00 price objective on shares of Applied Genetic Technologies in a report on Thursday, January 9th. BMO Capital Markets lifted their price objective on Applied Genetic Technologies from $9.00 to $16.00 and gave the stock an outperform rating in a report on Thursday, January 9th. HC Wainwright reissued a buy rating and set a $18.00 price objective on shares of Applied Genetic Technologies in a report on Thursday, January 9th. TheStreet lowered Applied Genetic Technologies from a c- rating to a d rating in a report on Monday, September 30th. Finally, Zacks Investment Research raised Applied Genetic Technologies from a sell rating to a hold rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $11.88.

AGTC opened at $8.17 on Monday. The firm has a market capitalization of $151.94 million, a P/E ratio of -74.27 and a beta of 2.71. The stock’s 50 day moving average price is $4.16 and its two-hundred day moving average price is $3.60. The company has a quick ratio of 7.95, a current ratio of 7.95 and a debt-to-equity ratio of 0.08. Applied Genetic Technologies has a 12-month low of $2.52 and a 12-month high of $9.50.

Applied Genetic Technologies (NASDAQ:AGTC) last released its earnings results on Tuesday, November 12th. The biotechnology company reported ($0.64) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.58) by ($0.06). Applied Genetic Technologies had a negative net margin of 4.81% and a negative return on equity of 19.02%. As a group, analysts anticipate that Applied Genetic Technologies will post -2.37 earnings per share for the current year.

In other news, major shareholder Patrick Johan Hendrik Krol sold 81,162 shares of Applied Genetic Technologies stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $5.24, for a total transaction of $425,288.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.10% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. boosted its stake in Applied Genetic Technologies by 21.7% in the 2nd 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. JPMorgan Chase & Co. boosted its stake in Applied Genetic Technologies by 359.4% in the 2nd 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. boosted its stake in Applied Genetic Technologies by 28.8% in the 2nd 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. Millennium Management LLC acquired a new stake in Applied Genetic Technologies in the 3rd quarter valued at $79,000. Finally, Wells Fargo & Company MN boosted its stake in Applied Genetic Technologies by 72.8% in the 2nd 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. 44.88% of the stock is currently owned by institutional investors and hedge funds.

About Applied Genetic Technologies

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.

See Also: What is quantitative easing?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Applied Genetic Technologies (NASDAQ:AGTC)

Receive News & Ratings for Applied Genetic Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Genetic Technologies and related companies with MarketBeat.com's FREE daily email newsletter.