What Made Chardan Capital Upgrade Applied Genetic Technologies’ Stock?

By Ryan Adsit

Applied Genetic Technologies (AGTCResearch Report) received a Buy rating and a $7.50 price target from Chardan Capital analyst Gbola Amusa yesterday. The company’s shares closed last Monday at $3.16.

Amusa observed:

“We now upgrade AGTC to the opportunity represented by a company: (1) now trading at 64% of 30 March 2019 cash, and (2) with important phase I/II data through 1H20 on 3 different programs (ACHM-A3, ACHM-B3, XLRP). We continue to flag the delays AGTC has had over the years in reporting datasets in achromatopsia A3 (ACHM-A3), achromatopsia X- linked retinitis pigmentosa (XLRP). The delays occurred as innovative companies like MeiraGTx (Buy, a Therapeutics (acquired by unrated Biogen) made progress with competing inherited retinal disease franchises (see research below). Despite the AGTC delays, we note that good science sometimes takes time to develop; and, industry participants recognize the soundness of AGTC’s science and broader capabilities, even if execution has been slow.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 18.1% and a 49.4% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Voyager Therapeutics Inc, and Adverum Biotechnologies.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Applied Genetic Technologies with a $9.75 average price target.

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Based on Applied Genetic Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $11.49 million. In comparison, last year the company had a GAAP net loss of $6.61 million.

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Applied Genetic Technologies Corp. engages in the development of gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. It has clinical trials in the field of ophthalmology, optogenetics, adrenoleukodystrophy, and otology.