UPDATE: Stifel Initiates Coverage On Applied Genetic Technologies Corporation On Good Market Position

In a report published Friday, Stifel analyst Stephen Willey initiated coverage on Applied Genetic Technologies Corporation (NASDAQ: AGTC) with a Buy rating and $29.00 price target.

In the report, Stifel noted, “We are initiating coverage of Applied Genetic Technologies Corporation (AGTC) with a Buy rating and a 12-month target price of $29. We believe AGTC is well positioned to capitalize on improving investor sentiment around product development opportunities in the gene therapy space and capable of leveraging its expertise in viral vector design, delivery, and manufacturing to address genetically-based Orphan diseases in ophthalmology and potentially other broader indications (including ex-ophthalmology).

"We believe preclinical and clinical proof-of-concept data generated to date meaningfully increases visibility into the prospect that AGTC's platform will be able to safely deliver on the historically-elusive promise of gene therapy, yielding durable improvements in patient outcomes with just a single administration of a therapeutic gene. We believe the opportunity to realize significant valuation step-ups in conjunction with the numerous high-visibility clinical catalysts lined up over the next 12-plus months creates a compelling risk/reward profile at current levels.”

Applied Genetic Technologies Corporation closed on Thursday at $18.35.