Ignyta’s (RXDX) Buy Rating Reaffirmed at Cantor Fitzgerald
Ignyta, Inc. (NASDAQ:RXDX)‘s stock had its “buy” rating reaffirmed by Cantor Fitzgerald in a report issued on Wednesday. They currently have a $15.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 36.99% from the stock’s current price.
Several other analysts also recently weighed in on the stock. BidaskClub downgraded shares of Ignyta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reissued a “buy” rating and issued a $27.00 price objective on shares of Ignyta in a research note on Thursday, June 22nd. ValuEngine raised shares of Ignyta from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Finally, Zacks Investment Research raised shares of Ignyta from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $17.33.
Shares of Ignyta (RXDX) traded down 0.685% during mid-day trading on Wednesday, hitting $10.875. 360,017 shares of the company traded hands. Ignyta has a 52-week low of $4.15 and a 52-week high of $12.45. The firm has a 50-day moving average price of $9.72 and a 200 day moving average price of $8.83. The firm’s market cap is $611.75 million.
Ignyta (NASDAQ:RXDX) last released its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.56) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.07. Equities research analysts anticipate that Ignyta will post ($2.57) EPS for the current fiscal year.
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Several institutional investors have recently modified their holdings of RXDX. RA Capital Management LLC raised its position in shares of Ignyta by 291.8% during the 2nd quarter. RA Capital Management LLC now owns 4,016,990 shares of the biopharmaceutical company’s stock worth $41,576,000 after purchasing an additional 2,991,699 shares during the last quarter. Emerald Advisers Inc. PA purchased a new stake in Ignyta during the 2nd quarter valued at about $16,905,000. Frazier Management LLC grew its stake in Ignyta by 123.2% during the 2nd quarter. Frazier Management LLC now owns 2,173,593 shares of the biopharmaceutical company’s stock valued at $22,497,000 after acquiring an additional 1,199,900 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in Ignyta during the 2nd quarter valued at about $12,018,000. Finally, Farallon Capital Management LLC purchased a new stake in Ignyta during the 2nd quarter valued at about $11,939,000. Institutional investors and hedge funds own 80.82% of the company’s stock.
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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