Ignyta, Inc. (RXDX) Downgraded by BidaskClub to Buy
Ignyta, Inc. (NASDAQ:RXDX) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Ignyta from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Saturday, March 25th. Cantor Fitzgerald set a $15.00 target price on shares of Ignyta and gave the stock a “buy” rating in a research note on Monday, July 10th. Jefferies Group LLC reaffirmed a “buy” rating and set a $27.00 target price on shares of Ignyta in a research note on Thursday, June 22nd. Finally, ValuEngine raised shares of Ignyta from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.00.
Ignyta (NASDAQ RXDX) traded down 1.60% during trading on Wednesday, hitting $9.20. 711,207 shares of the stock were exchanged. Ignyta has a 12 month low of $4.15 and a 12 month high of $11.45. The stock’s market cap is $384.89 million. The stock’s 50 day moving average price is $9.23 and its 200 day moving average price is $7.91.
Ignyta (NASDAQ:RXDX) last released its quarterly earnings results on Monday, May 1st. The biopharmaceutical company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by $0.27. Analysts forecast that Ignyta will post ($2.71) EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB purchased a new position in Ignyta during the second quarter valued at approximately $724,000. Goldman Sachs Group Inc. purchased a new position in Ignyta during the first quarter valued at approximately $133,000. Metropolitan Life Insurance Co. NY purchased a new position in Ignyta during the first quarter valued at approximately $201,000. Nexthera Capital LP purchased a new position in Ignyta during the first quarter valued at approximately $2,881,000. Finally, RA Capital Management LLC purchased a new position in Ignyta during the first quarter valued at approximately $8,818,000. Institutional investors own 47.92% of the company’s stock.
Ignyta Company Profile
Ignyta, Inc is a biotechnology company. The Company is focused on precision medicine in oncology. The Company is pursuing an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. The Company’s pipeline includes various compounds, such as entrectinib, RXDX-105, taladegib and RXDX-106.
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