Applied Genetic Technologies Corporation (NASDAQ:AGTC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued 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 equities analysts also recently weighed in on AGTC. HC Wainwright set a $16.00 price target on shares of Applied Genetic Technologies Corporation and gave the stock a “buy” rating in a research note on Thursday, August 10th. Stifel Nicolaus dropped their price target on shares of Applied Genetic Technologies Corporation from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, September 14th. Cantor Fitzgerald set a $9.00 price target on shares of Applied Genetic Technologies Corporation and gave the stock a “hold” rating in a research note on Friday, October 6th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $7.00 price target (down from $14.00) on shares of Applied Genetic Technologies Corporation in a research note on Thursday, September 14th. Finally, ValuEngine downgraded shares of Applied Genetic Technologies Corporation from a “hold” rating to a “sell” rating in a research note on Friday, September 15th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $11.71.

Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) traded down 8.11% on Tuesday, reaching $3.40. The company had a trading volume of 301,467 shares. Applied Genetic Technologies Corporation has a 52-week low of $3.40 and a 52-week high of $10.85. The stock has a market capitalization of $61.50 million, a PE ratio of 170.00 and a beta of 1.63. The company has a 50 day moving average price of $3.89 and a 200 day moving average price of $4.83.

Applied Genetic Technologies Corporation (NASDAQ:AGTC) last posted its quarterly earnings results on Wednesday, September 13th. The biotechnology company reported ($0.18) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.40). Applied Genetic Technologies Corporation had a return on equity of 1.45% and a net margin of 4.28%. The company had revenue of $8.30 million during the quarter, compared to analyst estimates of $12.39 million. During the same period last year, the company posted $0.15 earnings per share. The company’s revenue was down 31.4% compared to the same quarter last year. On average, equities research analysts anticipate that Applied Genetic Technologies Corporation will post ($0.87) earnings per share for the current year.

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A number of institutional investors have recently bought and sold shares of AGTC. Renaissance Technologies LLC increased its position in Applied Genetic Technologies Corporation by 378.2% during 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 during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in Applied Genetic Technologies Corporation during the second quarter worth $954,000. Numeric Investors LLC increased its position in Applied Genetic Technologies Corporation by 23.6% during the second quarter. Numeric Investors LLC now owns 780,088 shares of the biotechnology company’s stock worth $3,978,000 after buying an additional 148,799 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Applied Genetic Technologies Corporation by 1,080.3% during the second quarter. Goldman Sachs Group Inc. now owns 143,606 shares of the biotechnology company’s stock worth $732,000 after buying an additional 131,439 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Applied Genetic Technologies Corporation by 250.2% during 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 during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

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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