Cancer Genetics Inc. (CGIX) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cancer Genetics Inc. (NASDAQ:CGIX) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $2.00 price target on the stock.
According to Zacks, “Cancer Genetics, Inc. operates as a diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve the diagnosis, prognosis and response to treatment of cancer. The company’s tests target cancers, including hematological, urogenital, and HPV-associated cancers. It also offers non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals as well as biopharma and biotech. Cancer Genetics, Inc. is headquartered in Rutherford, New Jersey. “
Several other research firms also recently commented on CGIX. Rodman & Renshaw began coverage on shares of Cancer Genetics in a research note on Monday, September 26th. They set a buy rating and a $6.00 price objective for the company. HC Wainwright began coverage on shares of Cancer Genetics in a research note on Tuesday, September 27th. They set a buy rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $7.25.
Cancer Genetics (NASDAQ:CGIX) opened at 1.71 on Tuesday. Cancer Genetics has a one year low of $1.70 and a one year high of $8.17. The company’s 50-day moving average price is $1.90 and its 200-day moving average price is $2.18. The stock’s market cap is $27.57 million.
Cancer Genetics (NASDAQ:CGIX) last released its quarterly earnings results on Wednesday, August 10th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 period in the previous year, the company earned ($0.51) earnings per share. The business’s revenue for the quarter was up 67.3% on a year-over-year basis. Analysts forecast that Cancer Genetics will post ($1.17) EPS for the current fiscal year.
In related news, Director John Pappajohn acquired 147,500 shares of the stock in a transaction dated Monday, August 15th. The stock was acquired at an average cost of $2.16 per share, for a total transaction of $318,600.00. Following the completion of the purchase, the director now owns 2,162,387 shares of the company’s stock, valued at approximately $4,670,755.92. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 25.40% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Sabby Management LLC increased its stake in Cancer Genetics by 145.5% in the second quarter. Sabby Management LLC now owns 199,580 shares of the company’s stock valued at $397,000 after buying an additional 118,280 shares during the last quarter. Eagle Global Advisors LLC increased its position in Cancer Genetics by 69.3% in the second quarter. Eagle Global Advisors LLC now owns 84,320 shares of the company’s stock worth $168,000 after buying an additional 34,510 shares in the last quarter. Fairbanks Capital Management Inc. acquired a new position in Cancer Genetics during the second quarter worth about $464,000. Vanguard Group Inc. increased its position in 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, Perkins Capital Management Inc. increased its position in 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. Institutional investors and hedge funds own 9.65% of the company’s stock.
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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