Shares of Ignyta, Inc. (NASDAQ:RXDX) dropped 7.6% during trading on Wednesday . The stock traded as low as $10.45 and last traded at $10.95. Approximately 1,420,309 shares traded hands during mid-day trading, an increase of 64% from the average daily volume of 868,412 shares. The stock had previously closed at $11.85.

RXDX has been the topic of several recent analyst reports. Cantor Fitzgerald set a $15.00 price target on Ignyta and gave the company a “buy” rating in a research note on Monday, May 15th. Zacks Investment Research lowered Ignyta from a “hold” rating to a “sell” rating in a research note on Wednesday, May 24th. ValuEngine raised Ignyta from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $27.00 price target on shares of Ignyta in a research note on Thursday, June 22nd. Finally, BidaskClub lowered Ignyta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $17.33.

The company has a 50-day moving average price of $9.68 and a 200-day moving average price of $8.82. The firm’s market cap is $615.97 million.

Ignyta (NASDAQ:RXDX) last issued its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.07. On average, equities research analysts expect that Ignyta, Inc. will post ($2.57) EPS for the current year.

Several hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN boosted its holdings in shares of Ignyta by 2.3% in the 2nd quarter. Wells Fargo & Company MN now owns 22,385 shares of the biopharmaceutical company’s stock valued at $231,000 after purchasing an additional 500 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Ignyta by 7.1% in the 1st quarter. American International Group Inc. now owns 18,148 shares of the biopharmaceutical company’s stock valued at $156,000 after purchasing an additional 1,197 shares in the last quarter. TFS Capital LLC boosted its holdings in shares of Ignyta by 5.5% in the 1st quarter. TFS Capital LLC now owns 32,486 shares of the biopharmaceutical company’s stock valued at $279,000 after purchasing an additional 1,680 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Ignyta by 2.9% in the 1st quarter. TIAA CREF Investment Management LLC now owns 128,339 shares of the biopharmaceutical company’s stock valued at $1,104,000 after purchasing an additional 3,611 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ignyta by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 61,114 shares of the biopharmaceutical company’s stock valued at $526,000 after purchasing an additional 3,946 shares in the last quarter. 80.82% of the stock is currently owned by hedge funds and other institutional investors.

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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.