Ignyta, Inc. (RXDX) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Ignyta, Inc. (NASDAQ:RXDX) have earned an average rating of “Buy” from the eight research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $23.80.
A number of analysts recently weighed in on RXDX shares. Zacks Investment Research upgraded shares of Ignyta from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Tuesday, November 14th. SunTrust Banks started coverage on shares of Ignyta in a research note on Monday, November 20th. They set a “buy” rating for the company. Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 price target on shares of Ignyta in a research note on Wednesday, September 27th. Ladenburg Thalmann Financial Services increased their price target on shares of Ignyta from $20.25 to $31.00 in a research note on Wednesday, October 18th. Finally, J P Morgan Chase & Co reiterated a “buy” rating and set a $20.00 price target (up previously from $18.00) on shares of Ignyta in a research note on Thursday, October 12th.
Several hedge funds have recently added to or reduced their stakes in the company. Crestline Management LP increased its holdings in Ignyta by 44.3% during the 3rd quarter. Crestline Management LP now owns 133,584 shares of the biopharmaceutical company’s stock valued at $1,650,000 after acquiring an additional 41,023 shares in the last quarter. Granite Point Capital Management L.P. bought a new stake in shares of Ignyta in the third quarter worth $618,000. Allianz Asset Management GmbH bought a new stake in shares of Ignyta in the third quarter worth $1,175,000. OxFORD Asset Management LLP bought a new stake in Ignyta during the third quarter valued at $1,480,000. Finally, Schwab Charles Investment Management Inc. increased its stake in Ignyta by 74.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 205,895 shares of the biopharmaceutical company’s stock valued at $2,543,000 after purchasing an additional 88,150 shares during the last quarter. Institutional investors own 72.88% of the company’s stock.
Ignyta (NASDAQ:RXDX) last posted its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.51) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.03. research analysts forecast that Ignyta will post -2.27 EPS for the current fiscal year.
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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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