Zacks Investment Research Lowers Ignyta (RXDX) to Hold
Ignyta (NASDAQ:RXDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
A number of other brokerages have also commented on RXDX. SunTrust Banks lowered shares of Ignyta from a “buy” rating to a “hold” rating and upped their price objective for the company from $25.00 to $27.00 in a research report on Tuesday, December 26th. Ladenburg Thalmann Financial Services lowered shares of Ignyta from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 26th. Cantor Fitzgerald set a $23.00 price objective on shares of Ignyta and gave the company a “buy” rating in a research report on Thursday, December 28th. Jefferies Group lowered shares of Ignyta from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research report on Thursday, December 28th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $20.00 price objective (up previously from $18.00) on shares of Ignyta in a research report on Thursday, October 12th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $24.33.
Ignyta (NASDAQ:RXDX) last announced its quarterly earnings data 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 predict that Ignyta will post -2.27 EPS for the current year.
Large investors have recently bought and sold shares of the stock. Numeric Investors LLC acquired a new position in Ignyta in the second quarter worth about $126,000. Legal & General Group Plc raised its position in Ignyta by 71.9% in the second quarter. Legal & General Group Plc now owns 12,681 shares of the biopharmaceutical company’s stock worth $131,000 after purchasing an additional 5,306 shares in the last quarter. Virtu KCG Holdings LLC acquired a new position in Ignyta in the second quarter worth about $132,000. Trexquant Investment LP acquired a new position in Ignyta in the third quarter worth about $152,000. Finally, LMR Partners LLP acquired a new position in Ignyta in the third quarter worth about $169,000. 71.51% of the stock is owned by hedge funds and other institutional investors.
Ignyta Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Ignyta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ignyta and related stocks with our FREE daily email newsletter.