Zacks: Analysts Anticipate Applied Genetic Technologies Co. (AGTC) Will Post Quarterly Sales of $6.21 Million

Equities analysts forecast that Applied Genetic Technologies Co. (NASDAQ:AGTC) will post $6.21 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Applied Genetic Technologies’ earnings, with estimates ranging from $6.00 million to $6.41 million. Applied Genetic Technologies reported sales of $8.39 million in the same quarter last year, which indicates a negative year-over-year growth rate of 26%. The firm is expected to issue its next quarterly earnings report on Wednesday, May 9th.

According to Zacks, analysts expect that Applied Genetic Technologies will report full year sales of $33.00 million for the current year, with estimates ranging from $21.09 million to $49.40 million. For the next fiscal year, analysts expect that the company will post sales of $26.87 million per share, with estimates ranging from $7.70 million to $40.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Applied Genetic Technologies.

Applied Genetic Technologies (NASDAQ:AGTC) last announced its quarterly earnings results on Friday, February 9th. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.20). Applied Genetic Technologies had a negative return on equity of 9.21% and a negative net margin of 33.24%. The business had revenue of $4.85 million during the quarter, compared to the consensus estimate of $8.72 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The company’s revenue for the quarter was down 55.5% on a year-over-year basis.

Several equities research analysts recently weighed in on AGTC shares. HC Wainwright set a $8.00 price target on shares of Applied Genetic Technologies and gave the stock a “buy” rating in a research report on Friday, February 9th. Cantor Fitzgerald restated a “hold” rating and issued a $9.00 price target on shares of Applied Genetic Technologies in a research report on Wednesday, January 17th. Zacks Investment Research upgraded shares of Applied Genetic Technologies from a “sell” rating to a “hold” rating in a research report on Friday, March 30th. Wedbush restated an “outperform” rating on shares of Applied Genetic Technologies in a research report on Friday, February 9th. Finally, ValuEngine cut shares of Applied Genetic Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Applied Genetic Technologies presently has an average rating of “Hold” and an average price target of $9.00.

A number of hedge funds have recently bought and sold shares of AGTC. Dimensional Fund Advisors LP increased its position in Applied Genetic Technologies by 48.1% during the third quarter. Dimensional Fund Advisors LP now owns 394,490 shares of the biotechnology company’s stock valued at $1,558,000 after acquiring an additional 128,049 shares during the last quarter. Spark Investment Management LLC increased its position in Applied Genetic Technologies by 122.1% during the fourth quarter. Spark Investment Management LLC now owns 107,700 shares of the biotechnology company’s stock valued at $387,000 after acquiring an additional 59,200 shares during the last quarter. Renaissance Technologies LLC increased its position in Applied Genetic Technologies by 32.5% during the fourth quarter. Renaissance Technologies LLC now owns 444,428 shares of the biotechnology company’s stock valued at $1,600,000 after acquiring an additional 109,128 shares during the last quarter. Two Sigma Investments LP increased its position in Applied Genetic Technologies by 29.9% during the fourth quarter. Two Sigma Investments LP now owns 60,892 shares of the biotechnology company’s stock valued at $219,000 after acquiring an additional 14,011 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its position in Applied Genetic Technologies by 66.7% during the fourth quarter. Municipal Employees Retirement System of Michigan now owns 311,820 shares of the biotechnology company’s stock valued at $1,123,000 after acquiring an additional 124,810 shares during the last quarter. Institutional investors and hedge funds own 46.23% of the company’s stock.

AGTC traded down $0.25 during trading hours on Thursday, hitting $4.85. The company’s stock had a trading volume of 87,351 shares, compared to its average volume of 106,146. Applied Genetic Technologies has a 12 month low of $3.25 and a 12 month high of $6.05. The stock has a market capitalization of $90.53, a PE ratio of 255.00 and a beta of 2.10.

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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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