Ignyta, Inc. (NASDAQ:RXDX) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Wednesday.

Several other brokerages have also weighed in on RXDX. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $18.00 target price on shares of Ignyta in a research report on Friday, April 28th. Zacks Investment Research raised Ignyta from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Saturday, March 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $27.00 target price on shares of Ignyta in a research report on Thursday, June 22nd. Finally, ValuEngine raised Ignyta from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $18.00.

Shares of Ignyta (NASDAQ RXDX) traded down 1.60% during mid-day trading on Wednesday, reaching $9.20. 711,207 shares of the company traded hands. The company’s market capitalization is $384.89 million. The firm’s 50 day moving average price is $9.23 and its 200-day moving average price is $7.91. Ignyta has a 52-week low of $4.15 and a 52-week high of $11.45.

Ignyta (NASDAQ:RXDX) last released its quarterly earnings results on Monday, May 1st. The biopharmaceutical company reported ($0.96) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.69) by $0.27. Equities analysts predict that Ignyta will post ($2.71) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. raised its position in shares of Ignyta by 16.2% in the first quarter. Victory Capital Management Inc. now owns 2,804,834 shares of the biopharmaceutical company’s stock worth $24,122,000 after buying an additional 390,741 shares during the period. Broadfin Capital LLC raised its position in shares of Ignyta by 16.9% in the first quarter. Broadfin Capital LLC now owns 2,637,346 shares of the biopharmaceutical company’s stock worth $22,681,000 after buying an additional 380,800 shares during the period. Vanguard Group Inc. raised its position in shares of Ignyta by 10.4% in the first quarter. Vanguard Group Inc. now owns 1,228,177 shares of the biopharmaceutical company’s stock worth $10,562,000 after buying an additional 115,212 shares during the period. RA Capital Management LLC acquired a new position in shares of Ignyta during the first quarter worth approximately $8,818,000. Finally, Frazier Management LLC raised its position in shares of Ignyta by 2.5% in the first quarter. Frazier Management LLC now owns 973,693 shares of the biopharmaceutical company’s stock worth $8,374,000 after buying an additional 23,327 shares during the period. 47.92% of the stock is currently owned by institutional investors.

About Ignyta

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.

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