Applied Genetic Technologies (AGTC) Releases Earnings Results, Misses Estimates By $0.20 EPS

Applied Genetic Technologies (NASDAQ:AGTC) announced its earnings results on Friday. The biotechnology company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.20), Morningstar.com reports. Applied Genetic Technologies had a negative return on equity of 2.86% and a negative net margin of 8.78%. The business had revenue of $4.85 million during the quarter, compared to analysts’ expectations of $8.72 million. During the same quarter in the previous year, the firm earned $0.10 EPS. Applied Genetic Technologies’s quarterly revenue was down 55.5% on a year-over-year basis.

Applied Genetic Technologies (NASDAQ:AGTC) traded down $0.15 during trading on Friday, hitting $4.10. 9,975 shares of the stock traded hands, compared to its average volume of 115,395. The company has a market capitalization of $76.90, a PE ratio of -16.35 and a beta of 2.03. Applied Genetic Technologies has a 52-week low of $3.25 and a 52-week high of $8.40.

Several institutional investors have recently added to or reduced their stakes in AGTC. Nine Chapters Capital Management LLC bought a new position in shares of Applied Genetic Technologies in the third quarter worth $113,000. Citadel Advisors LLC increased its holdings in shares of Applied Genetic Technologies by 304.6% in the third quarter. Citadel Advisors LLC now owns 41,270 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 31,070 shares during the period. Virtu KCG Holdings LLC bought a new position in shares of Applied Genetic Technologies in the second quarter worth $178,000. ClariVest Asset Management LLC increased its holdings in shares of Applied Genetic Technologies by 18.5% in the third quarter. ClariVest Asset Management LLC now owns 99,013 shares of the biotechnology company’s stock worth $391,000 after purchasing an additional 15,491 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Applied Genetic Technologies by 1,080.3% in the second quarter. Goldman Sachs Group Inc. now owns 143,606 shares of the biotechnology company’s stock valued at $732,000 after acquiring an additional 131,439 shares during the last quarter. 46.59% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts recently commented on AGTC shares. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Applied Genetic Technologies in a research note on Wednesday, November 8th. Cantor Fitzgerald restated a “hold” rating and set a $9.00 target price on shares of Applied Genetic Technologies in a research report on Wednesday, January 17th. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of Applied Genetic Technologies in a research report on Wednesday, November 8th. Zacks Investment Research downgraded Applied Genetic Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, January 9th. Finally, ValuEngine downgraded Applied Genetic Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $10.17.

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Applied Genetic Technologies Company Profile

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).

Earnings History for Applied Genetic Technologies (NASDAQ:AGTC)

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