Zacks: Analysts Expect Applied Genetic Technologies Co. (AGTC) to Post -$0.25 Earnings Per Share

Wall Street analysts expect Applied Genetic Technologies Co. (NASDAQ:AGTC) to post earnings of ($0.25) per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Applied Genetic Technologies’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.31). Applied Genetic Technologies posted earnings per share of ($0.05) during the same quarter last year, which would indicate a negative year over year growth rate of 400%. The business is expected to issue its next quarterly earnings results on Wednesday, May 9th.

On average, analysts expect that Applied Genetic Technologies will report full-year earnings of ($1.30) per share for the current financial year, with EPS estimates ranging from ($2.38) to ($0.63). For the next fiscal year, analysts expect that the business will post earnings of ($1.96) per share, with EPS estimates ranging from ($2.52) to ($1.18). Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that follow Applied Genetic Technologies.

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Applied Genetic Technologies (NASDAQ:AGTC) last posted its quarterly earnings results on Friday, February 9th. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analyst estimates of $8.72 million. During the same period last year, the company earned $0.10 EPS. The business’s revenue for the quarter was down 55.5% on a year-over-year basis.

AGTC has been the topic of several research analyst reports. ValuEngine cut shares of Applied Genetic Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Zacks Investment Research downgraded shares of Applied Genetic Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, January 9th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $9.00 target price on shares of Applied Genetic Technologies in a research report on Wednesday, January 17th. HC Wainwright set a $8.00 target price on shares of Applied Genetic Technologies and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, Wedbush reaffirmed an “outperform” rating on shares of Applied Genetic Technologies in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $9.00.

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings 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 worth $1,558,000 after buying an additional 128,049 shares during the last quarter. Spark Investment Management LLC grew its position in shares of Applied Genetic Technologies by 122.1% during the 4th quarter. Spark Investment Management LLC now owns 107,700 shares of the biotechnology company’s stock worth $387,000 after buying an additional 59,200 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Applied Genetic Technologies by 32.5% during the 4th quarter. Renaissance Technologies LLC now owns 444,428 shares of the biotechnology company’s stock worth $1,600,000 after buying an additional 109,128 shares in the last quarter. Two Sigma Investments LP grew its position in shares of Applied Genetic Technologies by 29.9% during the 4th quarter. Two Sigma Investments LP now owns 60,892 shares of the biotechnology company’s stock worth $219,000 after buying an additional 14,011 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its position in shares of Applied Genetic Technologies by 66.7% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 311,820 shares of the biotechnology company’s stock worth $1,123,000 after buying an additional 124,810 shares in the last quarter. 45.88% of the stock is owned by institutional investors and hedge funds.

Shares of AGTC traded up $0.35 during mid-day trading on Tuesday, hitting $5.25. 81,836 shares of the company traded hands, compared to its average volume of 104,018. Applied Genetic Technologies has a one year low of $3.25 and a one year high of $6.45. The stock has a market capitalization of $91.43, a P/E ratio of 265.00 and a beta of 2.10.

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About Applied Genetic Technologies

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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Earnings History and Estimates for Applied Genetic Technologies (NASDAQ:AGTC)

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