NanoString Technologies, Inc. (NSTG) Announces Quarterly Earnings Results
NanoString Technologies, Inc. (NASDAQ:NSTG) released its quarterly earnings data on Tuesday. The biotechnology company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.17, Morningstar.com reports. NanoString Technologies had a negative return on equity of 6,777.29% and a negative net margin of 57.13%. The business had revenue of $34.59 million during the quarter, compared to analysts’ expectations of $29.87 million. NanoString Technologies updated its FY17 guidance to ($2.20)-($2.03) EPS.
NanoString Technologies (NASDAQ NSTG) traded down 10.59% during midday trading on Wednesday, reaching $13.68. The company’s stock had a trading volume of 628,300 shares. The firm’s market cap is $296.72 million. The company’s 50-day moving average is $15.94 and its 200 day moving average is $17.81. NanoString Technologies has a 12-month low of $13.17 and a 12-month high of $23.45.
A number of hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its stake in NanoString Technologies by 7.4% in the first quarter. American International Group Inc. now owns 9,153 shares of the biotechnology company’s stock worth $182,000 after buying an additional 634 shares in the last quarter. Strs Ohio raised its stake in NanoString Technologies by 4.2% in the first quarter. Strs Ohio now owns 32,600 shares of the biotechnology company’s stock worth $647,000 after buying an additional 1,300 shares in the last quarter. Teachers Advisors LLC raised its stake in NanoString Technologies by 7.1% in the fourth quarter. Teachers Advisors LLC now owns 23,597 shares of the biotechnology company’s stock worth $526,000 after buying an additional 1,557 shares in the last quarter. Bank of America Corp DE raised its stake in NanoString Technologies by 16.6% in the first quarter. Bank of America Corp DE now owns 11,404 shares of the biotechnology company’s stock worth $227,000 after buying an additional 1,627 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in NanoString Technologies by 20.6% in the second quarter. Rhumbline Advisers now owns 21,332 shares of the biotechnology company’s stock worth $353,000 after buying an additional 3,640 shares in the last quarter. Institutional investors own 89.47% of the company’s stock.
Several research firms have weighed in on NSTG. Morgan Stanley cut NanoString Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $23.00 to $20.00 in a report on Thursday, April 20th. Zacks Investment Research upgraded NanoString Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, May 10th. ValuEngine upgraded NanoString Technologies from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub cut NanoString Technologies from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Finally, Cowen and Company reiterated a “buy” rating on shares of NanoString Technologies in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $19.50.
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NanoString Technologies Company Profile
NanoString Technologies, Inc develops, manufactures and sells intuitive products that unlock scientifically valuable and clinically actionable biologic information from minute amounts of tissue. The Company is engaged in the development, manufacture and commercialization of instruments, consumables and services for profiling the activity of hundreds of genes and proteins simultaneously from a single tissue sample.
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