Ignyta Inc. (NASDAQ:RXDX)’s share price fell 3% during mid-day trading on Wednesday . The stock traded as low as $5.89 and last traded at $5.89, with a volume of 59,010 shares trading hands. The stock had previously closed at $6.07.

Several research firms recently issued reports on RXDX. Jefferies Group reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Ignyta in a research report on Monday, June 6th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Ignyta in a research report on Wednesday, June 8th. Leerink Swann reaffirmed a “buy” rating on shares of Ignyta in a research report on Thursday, May 12th. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ignyta in a research report on Sunday, May 8th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Ignyta in a research report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Ignyta presently has an average rating of “Buy” and an average price target of $16.36.

The stock’s market cap is $246.57 million. The firm’s 50-day moving average is $5.69 and its 200-day moving average is $6.41.

Ignyta (NASDAQ:RXDX) last posted its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported ($0.70) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.65) by $0.05. Equities analysts predict that Ignyta Inc. will post ($2.83) earnings per share for the current fiscal year.

In related news, Director James A. Bristol acquired 5,000 shares of the stock in a transaction dated Monday, August 15th. The stock was acquired at an average cost of $5.65 per share, for a total transaction of $28,250.00. Following the completion of the purchase, the director now owns 21,667 shares of the company’s stock, valued at approximately $122,418.55. The purchase was disclosed in a document filed with the SEC, which is available through this link.

A hedge fund recently raised its stake in Ignyta stock. RS Investment Management Co. LLC increased its stake in Ignyta Inc. (NASDAQ:RXDX) by 28.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,534,161 shares of the biopharmaceutical company’s stock after buying an additional 336,311 shares during the period. RS Investment Management Co. LLC owned about 5.18% of Ignyta worth $20,558,000 as of its most recent SEC filing.

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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