Zacks Investment Research Upgrades Ignyta Inc. (RXDX) to “Buy”
Ignyta Inc. (NASDAQ:RXDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $6.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s price target suggests a potential downside of 8.42% from the stock’s previous close.
According to Zacks, “Ignyta, Inc. is a biotechnology company. It develops precision medicine with integrated Rx/Dx solutions for cancer patients. The company focuses on the development of RXDX-101, its proprietary oral tyrosine kinase inhibitor that targets solid tumor indications, and advancing its novel Spark discovery programs that leverage its proprietary cancer genomic and epigenomic knowledge bases. Ignyta, Inc. is based in San Diego, California. “
Separately, Piper Jaffray Cos. cut their target price on Ignyta from $32.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 10th. Seven research analysts have rated the stock with a buy rating, Ignyta presently has an average rating of “Buy” and a consensus price target of $16.04.
Ignyta (NASDAQ:RXDX) opened at 6.825 on Friday. The company’s market cap is $284.27 million. The firm’s 50-day moving average price is $5.59 and its 200-day moving average price is $5.84. Ignyta has a one year low of $4.15 and a one year high of $15.20.
Ignyta (NASDAQ:RXDX) last released its earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.11. On average, equities research analysts forecast that Ignyta will post ($2.65) earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. purchased a new position in shares of Ignyta during the first quarter worth about $1,185,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Ignyta during the first quarter worth about $517,000. BVF Inc. IL purchased a new position in shares of Ignyta during the first quarter worth about $339,000. RS Investment Management Co. LLC boosted its position in shares of Ignyta by 20.0% in the second quarter. RS Investment Management Co. LLC now owns 2,032,793 shares of the biopharmaceutical company’s stock worth $11,018,000 after buying an additional 338,794 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Ignyta by 40.2% in the second quarter. Bank of New York Mellon Corp now owns 100,078 shares of the biopharmaceutical company’s stock worth $543,000 after buying an additional 28,681 shares during the last quarter. 68.23% of the stock is owned by institutional investors.
Ignyta, Inc is an oncology biotechnology company. The Company focuses on an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. Its Rx is focused on discovering, in licensing or acquiring, then developing and commercializing molecularly targeted therapies that, sequentially or in combination, are foundational for eradicating residual disease.
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