Stifel Starts Applied Genetic Technologies Corp. (AGTC) at Buy

Stifel analyst Dae Gon Ha initiates coverage on Applied Genetic Technologies Corp. (NASDAQ: AGTC) with a Buy rating and a price target of $14.00.

The analyst comments "Backed by encouraging clinical data, we think AGTC's 2 ophthalmic programs — X-linked retinitis pigmentosa (XLRP) and achromatopsia (ACHM) — are underappreciated but have the potential to deliver meaningful therapeutic benefit to patients as a safe and efficacious gene therapy. Admittedly, challenges and uncertainties exist for both programs, but based on relevant comps like MGTX and NITE (acquired by BIIB, which is covered by Stifel colleague Paul Matteis), we see significant upside on positive development. With a stronger financial position, 2021 could be a transformational year due to what we view as potentially de-risking data readouts and updates."

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.

Shares of Applied Genetic Technologies Corp. closed at $5.08 yesterday.

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