Zacks Investment Research Downgrades Cancer Genetics, Inc. (NASDAQ:CGIX) to Sell
Cancer Genetics, Inc. (NASDAQ:CGIX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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 also recently commented on the stock. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Cancer Genetics in a research note on Monday, March 27th. Benchmark Co. started coverage on shares of Cancer Genetics in a research note on Monday, June 26th. They issued a “speculative buy” rating and a $6.00 target price on the stock. Finally, Dawson James started coverage on shares of Cancer Genetics in a research note on Tuesday, June 27th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $5.00.
Cancer Genetics (NASDAQ CGIX) traded down 1.27% during mid-day trading on Tuesday, hitting $3.90. 81,194 shares of the company were exchanged. The company’s market cap is $77.07 million. Cancer Genetics has a 12-month low of $1.10 and a 12-month high of $5.30. The stock’s 50 day moving average is $3.88 and its 200-day moving average is $2.96.
Cancer Genetics (NASDAQ:CGIX) last issued its earnings results on Thursday, May 11th. The medical research company reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.07. Cancer Genetics had a negative net margin of 72.03% and a negative return on equity of 48.69%. The company had revenue of $7 million for the quarter, compared to the consensus estimate of $7.62 million. During the same quarter in the previous year, the company earned ($0.39) EPS. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. Equities research analysts predict that Cancer Genetics will post ($0.85) EPS for the current year.
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In other news, Director John Pappajohn bought 100,000 shares of Cancer Genetics stock in a transaction dated Monday, June 12th. The shares were bought at an average price of $3.75 per share, for a total transaction of $375,000.00. Following the purchase, the director now owns 2,542,519 shares of the company’s stock, valued at $9,534,446.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought a total of 103,437 shares of company stock worth $388,076 in the last 90 days. 21.30% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of CGIX. Renaissance Technologies LLC increased its stake in shares of Cancer Genetics by 44.8% in the first quarter. Renaissance Technologies LLC now owns 449,600 shares of the medical research company’s stock valued at $1,843,000 after buying an additional 139,200 shares in the last quarter. EAM Investors LLC acquired a new position in Cancer Genetics during the first quarter worth about $483,000. Bank of Montreal Can acquired a new position in Cancer Genetics during the first quarter worth about $120,000. Finally, KCG Holdings Inc. acquired a new position in Cancer Genetics during the first quarter worth about $102,000. Institutional investors own 12.84% of the company’s stock.
About Cancer Genetics
Cancer Genetics, Inc is a United States-based company, which is engaged in the field of personalized medicine. The Company offers diagnostic products and services that enable precision medicine in the field of oncology through molecular markers and diagnostics. The Company offers a range of laboratory services that provide genomic and biomarker information.
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