Cancer Genetics Inc. (CGIX) Upgraded to Buy at Zacks Investment Research
Cancer Genetics Inc. (NASDAQ:CGIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $2.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 10.50% from the stock’s current price.
According to Zacks, “Cancer Genetics, Inc. operates as a diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve the diagnosis, prognosis and response to treatment of cancer. The company’s tests target cancers, including hematological, urogenital, and HPV-associated cancers. It also offers non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals as well as biopharma and biotech. Cancer Genetics, Inc. is headquartered in Rutherford, New Jersey. “
Several other equities research analysts have also weighed in on the company. Rodman & Renshaw assumed coverage on Cancer Genetics in a report on Monday, September 26th. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright assumed coverage on Cancer Genetics in a research report on Tuesday, September 27th. They set a “buy” rating and a $6.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Cancer Genetics presently has a consensus rating of “Buy” and an average target price of $7.25.
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Shares of Cancer Genetics (NASDAQ:CGIX) traded up 3.43% during trading on Tuesday, reaching $1.81. The company had a trading volume of 130,555 shares. The firm’s market capitalization is $29.18 million. Cancer Genetics has a 12 month low of $1.70 and a 12 month high of $8.51. The stock has a 50 day moving average price of $1.95 and a 200 day moving average price of $2.19.
Cancer Genetics (NASDAQ:CGIX) last posted its earnings results on Wednesday, August 10th. The company reported ($0.28) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.05. Cancer Genetics had a negative return on equity of 72.29% and a negative net margin of 89.60%. The firm earned $7 million during the quarter, compared to analyst estimates of $6.50 million. During the same period in the previous year, the company earned ($0.51) EPS. The company’s revenue for the quarter was up 67.3% on a year-over-year basis. On average, equities research analysts forecast that Cancer Genetics will post ($1.17) EPS for the current year.
In related news, Director John Pappajohn purchased 45,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were purchased at an average cost of $2.29 per share, for a total transaction of $103,050.00. Following the completion of the transaction, the director now directly owns 2,287,109 shares of the company’s stock, valued at approximately $5,237,479.61. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 25.40% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Sabby Management LLC boosted its stake in shares of Cancer Genetics by 28.5% in the first quarter. Sabby Management LLC now owns 81,300 shares of the company’s stock worth $231,000 after buying an additional 18,049 shares during the period. Bridger Management LLC bought a new stake in shares of Cancer Genetics during the first quarter worth $149,000. Perkins Capital Management Inc. boosted its stake in shares of Cancer Genetics by 214.2% in the second quarter. Perkins Capital Management Inc. now owns 581,200 shares of the company’s stock worth $1,157,000 after buying an additional 396,250 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cancer Genetics by 3.3% in the second quarter. Vanguard Group Inc. now owns 326,966 shares of the company’s stock worth $651,000 after buying an additional 10,328 shares during the period. Finally, Fairbanks Capital Management Inc. bought a new stake in shares of Cancer Genetics during the second quarter worth $464,000. Hedge funds and other institutional investors own 9.65% of the company’s stock.
Cancer Genetics Company Profile
Cancer Genetics, Inc is engaged in the field of personalized medicine, enabling precision medicine in the field of oncology through its diagnostic products and services, and molecular markers. The Company develops, commercializes and provides molecular- and biomarker-based tests and services that enable physicians to personalize the clinical management of each individual patient by providing genomic information to diagnose, monitor and inform cancer treatment, and enable biopharmaceutical companies engaged in oncology trials to select candidate populations and manage adverse drug reactions by providing information regarding genomic factors influencing subject responses to therapeutics.
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