Zacks Investment Research Upgrades Ignyta Inc (RXDX) to Buy
Zacks Investment Research upgraded shares of Ignyta Inc (NASDAQ:RXDX) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. The brokerage currently has $10.00 target price on the biopharmaceutical company’s stock.
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, Jefferies Group LLC reaffirmed a buy rating and set a $20.00 target price on shares of Ignyta in a research note on Wednesday, November 30th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $16.60.
Ignyta (NASDAQ:RXDX) traded down 2.047% on Friday, hitting $8.375. 90,551 shares of the stock were exchanged. Ignyta has a 12 month low of $4.15 and a 12 month high of $9.90. The company has a 50-day moving average of $8.51 and a 200-day moving average of $6.71. The stock’s market cap is $349.24 million.
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Several hedge funds and other institutional investors have recently made changes to their positions in RXDX. Armistice Capital LLC boosted its position in shares of Ignyta by 36.6% in the fourth quarter. Armistice Capital LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $10,600,000 after buying an additional 536,000 shares during the last quarter. Boxer Capital LLC purchased a new position in shares of Ignyta during the fourth quarter valued at $663,000. Renaissance Technologies LLC boosted its position in shares of Ignyta by 2.4% in the fourth quarter. Renaissance Technologies LLC now owns 92,100 shares of the biopharmaceutical company’s stock valued at $488,000 after buying an additional 2,200 shares during the last quarter. Teza Capital Management LLC purchased a new position in shares of Ignyta during the fourth quarter valued at $112,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ignyta by 97.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 57,168 shares of the biopharmaceutical company’s stock valued at $303,000 after buying an additional 28,162 shares during the last quarter. 61.93% of the stock is currently owned by hedge funds and other institutional investors.
Ignyta Company Profile
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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