BMO Capital Cuts Price Target on Applied Genetic Technologies (AGTC) to $20
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
BMO Capital maintained an Outperform rating on Applied Genetic Technologies Corp. (NASDAQ: AGTC), and cut the price target to $20.00 (from $25.00), after updating estimates. BMO is now expecting data for XLRS in 2017 vs 2H16 previously as enrollment is slower-than-expected. The trial has enrolled 8/27 patients with an additional 20 that are eligible for the expansion cohort.
Analyst Matthew Luchini commented, "We are lowering our price target on AGTC to $20 from $25 based on updated timelines for the Phase I/II XLRS and ACHM trials. We now look for data in 2017 versus 2H16 previously and see a potential launch in 2021 (vs. 2020 prior). Despite our lower price target, we are maintaining our Outperform rating as we believe delays largely reflect operational errors and difficulties of conducting first-in-man trials. We continue to see XLRS and ACHM as significant sources of upside, representing ~$900mn and ~$750mn unadjusted peak sales opportunities, respectively."
Shares of Applied Genetic Technologies Corp. closed at $13.19 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: BMO Capital Upgrades Williams Partners LP (WPZ) to Outperform
- Preferred Bank (PFBC) PT Raised to $65 at FBR Capital Following 4Q EPS Beat
- Bristol-Myers Squibb Co. (BMY) PT Lowered to $47 at BMO Capital; See Much Uncertainty and Increased Risk
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!