Applied Genetic Technologies Receives a Buy from BMO CapitalBy Jason Carr
In a report released yesterday, Matthew Luchini from BMO Capital reiterated a Buy rating on Applied Genetic Technologies (NASDAQ: AGTC), with a price target of $20. The company’s shares opened today at $8, close to its 52-week low of $6.35.
According to TipRanks.com, Luchini is a 1-star analyst with an average return of -9.8% and a 20.0% success rate. Luchini covers the Healthcare sector, focusing on stocks such as Vitae Pharma, aTyr Pharma, and Regulus.
Applied Genetic Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $9.
Based on Applied Genetic Technologies’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $12.11 million and quarterly net profit of $2.73 million. In comparison, last year the company earned revenue of $11.06 million and had a GAAP net loss of -$9,123,000.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AGTC in relation to earlier this year. Most recently, in September 2016, Stephen W. Potter, the Vice President and Chief Business Officer of AGTC bought 1,400 shares for a total of $12,446.
Applied Genetic Technologies Corp. is a clinical-stage biotechnology company, which engages in developing gene therapy products designed to transform the lives of patients with severe diseases in ophthalmology. Its product candidates are designed to treat X-linked retinoschisis, Achromatopsia, and X-linked retinitis pigmentosa. The company was founded by R. Jude Samulski, Nicholas Muzyczka, William W. Hauswirth, Terence R. Flotte and Barry J Byrne on January 19, 1999 and is headquartered in Alachua, FL.