HC Wainwright Initiates Coverage on Cancer Genetics Inc. (CGIX)
Stock analysts at HC Wainwright assumed coverage on shares of Cancer Genetics Inc. (NASDAQ:CGIX) in a report issued on Tuesday. The brokerage set a “buy” rating and a $6.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 235.20% from the company’s current price.
Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Cancer Genetics from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Rodman & Renshaw started coverage on shares of Cancer Genetics in a research note on Monday. They set a “buy” rating and a $6.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $7.31.
Shares of Cancer Genetics (NASDAQ:CGIX) opened at 1.79 on Tuesday. The stock’s market cap is $28.85 million. Cancer Genetics has a 12 month low of $1.72 and a 12 month high of $8.51. The company has a 50 day moving average of $2.05 and a 200 day moving average of $2.25.
Cancer Genetics (NASDAQ:CGIX) last released its quarterly earnings data on Wednesday, August 10th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.05. Cancer Genetics had a negative net margin of 89.60% and a negative return on equity of 72.29%. The business had revenue of $7 million for the quarter, compared to analyst estimates of $6.50 million. During the same quarter last year, the firm earned ($0.51) EPS. Cancer Genetics’s quarterly revenue was up 67.3% compared to the same quarter last year. Equities research analysts expect that Cancer Genetics will post ($1.17) earnings per share for the current fiscal year.
In related news, Director John Pappajohn purchased 147,500 shares of the business’s stock in a transaction on Monday, August 15th. The shares were purchased at an average price of $2.16 per share, with a total value of $318,600.00. Following the completion of the purchase, the director now owns 2,162,387 shares in the company, valued at approximately $4,670,755.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 25.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CGIX. Sabby Management LLC raised its position 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 last quarter. Bridger Management LLC acquired a new stake in shares of Cancer Genetics during the first quarter worth approximately $149,000. Perkins Capital Management Inc. raised 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 in the last quarter. Vanguard Group Inc. raised 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 in the last quarter. Finally, Fairbanks Capital Management Inc. acquired a new stake in shares of Cancer Genetics during the second quarter worth approximately $464,000. 9.65% of the stock is currently owned by hedge funds and other institutional investors.
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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