Roth Capital Positive on Biogen (BIIB), AGTC (ATGC) Collaboration; Reaffirms AGTC at 'Buy'

Roth Capital affirms Applied Genetic Technologies (Nasdaq: AGTC) with a Buy rating and $34 price target following news of a collaboration with Biogen (Nasdaq: BIIB). The collaboration and license agreement aim for development of gene-based therapies for XLRS, XLRP, as well as two additional ophthalmic diseases and one non-ophthalmic condition.

Analyst Joseph Pantginis commented on the expected impact: In our view, this collaboration validates AGTC's AAV-based gene therapy platform and boosts the company's finances, which could help broaden the company's internal pipeline and move other research programs forward into the clinic in a more timely manner. AGTC maintains control over its ACHM and wet AMD programs, two assets that are close to entering the clinic, keeping internal value for the company. Recall, several milestones are looming, including interim data from the Ph I/II XLRS study in late 2015, commencement of a Ph I/II in ACHM later this year, and pre-IND activities in the XLRP program. Catalysts in the next 18 months span interim Ph I/II ACHM data (early 2016), identification of wet AMD program target (late 2015/early 2016), XLRS Ph I/II data (3Q/4Q16), and XLRP IND submission (4Q16).

For an analyst ratings summary and ratings history on Applied Genetic Technologies Corp. click here. For more ratings news on Applied Genetic Technologies Corp. click here.

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