Applied Genetic Price Target Raised To $36 At Wedbush; Sees 16% Upside
In a research note issued earlier today, Wedbush analyst David Nierengarten maintained an Outperform and boosted his price target on Applied Genetic Technologies (AGTC) to $36.00 (from $24) following today’s news that AGTC and SAFC Commercial (SAFC) signed an agreement to have SAFC provide gene therapy manufacturing services to companies developing gene-based therapies.
“Although we are not including any revenue from this service in our estimates, we view the partnership as further validation of AGTC’s high-yield and scalable AAV manufacturing process, and de-risking that aspect of AGTC’s programs. We are raising our price target on a reduction in our applied annual discount rate to 35% from 40%”, said Nierengarten.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst David Nierengarten currently has a one-year average return of 20.7% and a 62% success rate. He is ranked #374 out of 3125 analysts.