Applied Genetic Technologies Corp. is a clinical stage biotechnology company, which engages in the development of gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. The company is headquartered in Alachua, Florida and currently employs 83 full-time employees. The company went IPO on 2014-03-27. The firm uses gene therapy platform to develop genetic therapies for patients suffering from rare and debilitating diseases. Its focus is in the field of ophthalmology where it has active clinical programs in X-linked retinitis pigmentosa (XLRP), achromatopsia (ACHM), and optogenetics. The firm has approximately one preclinical program in otology and three preclinical programs targeting central nervous system disorders (CN), including adrenoleukodystrophy (ALD), frontotemporal dementia (FTD) and amyotrophic lateral sclerosis (ALS). The firm’s optogenetics program is being developed in collaboration with Bionic Sight, LLC and its otology program is being developed in collaboration with Otonomy, Inc. In addition to its product pipeline, the Company has also developed broad technological and manufacturing capabilities in synthetic promoter development and optimization.
Bullish for following reasons
1. Stock is categorized as Momentum stock- with enough volume, it will break $4 resistance
a. 9/24 Earning calls event could be the much needed catalyst to keep the volume moving giving it needed momentum in upward moment next 1- 2 weeks.
2. 100% buy rating from 9 analysts
3. No negative news and firm is aggressively building partnerships and collaborations with industry leaders meanwhile also hiring/expanding their leadership team
4. High PT of 36.75 and low PT of $8 with average of $16 (https://money.cnn.com/quote/forecast/forecast.html?symb=AGTC)
5. SI is above 10% and with current market dynamics, this could help move stock up quick given it picks up volume soon.
6. General market sentiment is bullish on the stock
7. Options are pretty reasonable priced hence I will be taking long position via options
P.S: I plan to have my position of 200 calls with realistic hope of it going to $8 in September