Boston, MA 06/16/2014 (wallstreetpr) – There is a significant amount of interest shown by investors on the shares of the clinical stage biotechnology company Applied Genetic Technologies Corp (NASDAQ:AGTC) in the month of June. The stock had hit yearly high price on June 13. Though there is no big news from the company after the announcement of its financial results for the third quarter, there is a good number of takers for this stock in the current month.
Rising Stock Prices
Applied Genetic Technologies Corp (NASDAQ:AGTC)’s stock more than doubled in June based on the closing price of $27.49 on June 13. On the same day, the stock had hit a 52-week high of $29.63, which means a sharp jump of 116.3% in June alone. On June 2, shares of Applied Genetic Technologies climbed as much as 44.1% based on the closing of $19.74.
On May 14, the biotechnology company announced its third quarter financial results after the market closed and ended the normal trading at $12.7. It meant a whopping surge of 133.3% based on the 52-week high price that was recorded on June 13.
The surge in share price is unstoppable in June except for a day on June 11 when it witnessed a downside of 4.9%. The volume of share traded in June is not significantly higher than the average three-month volume.
On the technical barometer side, Applied Genetic Technologies shares are trading miles ahead of the 50-day, as well as, 200-day moving average price of $15.66 and $15.17 respectively. It meant a jump of 75.5% and 81.2% respectively based on the closing of June 13.
Reason Behind Surge
Applied Genetic Technologies Corp (NASDAQ:AGTC) has not announced any significant development of any of its clinical studies in the current month. Its loss in the third quarter was also wider than the Street expectations, though revenue more than doubled to $232K from $116K.
Applied Genetic Technologies is participating in two investors’ conferences in June, one on June 16 and the other on 23rd. Therefore, there seems to be a lot of expectations from the conference where it could announce some market favorable news.
Additionally, investment advisor BMO Capital Markets has lifted its price tag on the company’s stock to $34.00 with an Outperform rating from $21.00. This meant, there is still enough upside left in the counter.
