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AGTC

Applied Genetic

$4.34

-0.01 (-0.23%)

07:14
05/07/19
05/07
07:14
05/07/19
07:14

Applied Genetic reports Q1 EPS 63c, may not compare to consensus (58c)

Reports Q1 revenue $21.3M, may not compare to consensus $2.65M. The increase of $22.5 million for the nine-month period was primarily due to recognizing revenue of $20.4 million as a result of the termination of the Collaboration Agreement with Biogen, and recognizing revenue of $8.3 million associated with the receipt of a $10.0 million milestone payment from Biogen during the first quarter of fiscal year 2019, partially offset by decreased license and related service revenue due to the Company's revised pattern of revenue recognition under ASC 606, Revenue from Contracts with Customers. As of March 31, 2019, the Company's cash, cash equivalents, and investments amounted to $89.2 million. The Company believes these funds will be sufficient to allow AGTC to generate data from its ongoing clinical programs, to move the pre-clinical optogenetic program in collaboration with Bionic Sight into the clinic and fund the currently planned research and discovery programs for approximately two years. The Company expects total cash, cash equivalents and investments as of June 30, 2019 to be between $75 and $80 million.

  • 07

    May

AGTC Applied Genetic
$4.34

-0.01 (-0.23%)

12/13/18
BMOC
12/13/18
DOWNGRADE
BMOC
Market Perform
Applied Genetic downgraded to Market Perform from Outperform at BMO Capital
12/13/18
BMOC
12/13/18
DOWNGRADE
Target $5
BMOC
Market Perform
Applied Genetic downgraded to Market Perform at BMO Capital after failed study
As noted earlier, BMO Capital analyst Matthew Luchini downgraded Applied Genetic (AGTC) to Market Perform from Outperform and lowered his price target to $5 from $13 after the announcement that its XLRS "failed to show clinical benefit" and Biogen (BIIB) terminated its collaboration with the company. The analyst notes that while Applied Genetic's XLRP opportunity still has a "proof-of-concept" based on the data from its competitor, the Biogen termination increases risk for the company, as he lowers his probability of success to 10% from 15% on the program.
12/13/18
HCWC
12/13/18
NO CHANGE
Target $5.75
HCWC
Buy
Applied Genetic price target lowered to $5.75 from $8 at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis lowered his price target for Applied Genetic Technologies to $5.75 after the company announced that the Phase 1/2 XLRS program did not show clinical activity in both pediatric and adult patients and that Biogen has terminated its partnership. The Biogen announcement "was especially painful" because Biogen could have terminated parts of the collaboration independently, Pantginis tells investors in a research note. He keeps a Buy rating on the shares but admits Applied Genetic "might be in the penalty box pending positive clinical data from the ACHM and/or XLRP programs to validate this thesis."
12/13/18
WELS
12/13/18
NO CHANGE
Target $15
WELS
Outperform
Applied Genetic price target lowered to $15 from $20 at Wells Fargo
Wells Fargo analyst Jim Birchenough lowered his price target for Applied Genetic to $15 from $20 following "disappointing" Phase 1/2 data for the XLRS gene therapy program. Overall, the analyst believes the results were expected, based on earlier updates, and should not be generalized to ongoing retinal gene therapy programs for XLRP and ACHM-B3 and ACHM-A3, where he continues to see greater likelihood of success in 2019. Birchenough reiterates an Outperform rating on the shares.

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