What to do with $40 billion? That is the question facing Allergan (AGN). One biotechnology stock which stands out as a potential target for Allergan is Applied Genetic Technologies (AGTC).
Applied Genetic (AGTC) posted weak revenue for the fourth quarter and said enrollment for its clinical trials was slower than planned. The company was also downgraded by multiple firms.
Biotech stocks remain pressured following the recent Brexit vote, which will make investing in these already highly volatile stocks even trickier. But there are opportunities too.