Ignyta, Inc. (RXDX) Trading Down 7.6%
Shares of Ignyta, Inc. (NASDAQ:RXDX) fell 7.6% during mid-day trading on Wednesday . The stock traded as low as $10.45 and last traded at $10.95. 1,420,309 shares changed hands during trading, an increase of 64% from the average session volume of 868,412 shares. The stock had previously closed at $11.85.
Several brokerages recently commented on RXDX. Zacks Investment Research downgraded shares of Ignyta from a “hold” rating to a “sell” rating in a research note on Wednesday, May 24th. Cantor Fitzgerald set a $15.00 price objective on shares of Ignyta and gave the company a “buy” rating in a research note on Monday, May 15th. BidaskClub downgraded shares of Ignyta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reissued a “buy” rating and issued a $27.00 price objective on shares of Ignyta in a research note on Thursday, June 22nd. Finally, ValuEngine raised shares of Ignyta from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $17.33.
The company’s market capitalization is $615.97 million. The company’s 50-day moving average is $9.77 and its 200 day moving average is $8.85.
Ignyta (NASDAQ:RXDX) last released its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.56) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.07. On average, analysts expect that Ignyta, Inc. will post ($2.57) earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in RXDX. Cutter & CO Brokerage Inc. purchased a new position in Ignyta in the 2nd quarter worth approximately $122,000. Numeric Investors LLC purchased a new position in Ignyta in the 2nd quarter worth approximately $126,000. Legal & General Group Plc grew its stake in Ignyta by 71.9% in the 2nd quarter. Legal & General Group Plc now owns 12,681 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 5,306 shares in the last quarter. Virtu KCG Holdings LLC purchased a new position in Ignyta in the 2nd quarter worth approximately $132,000. Finally, Goldman Sachs Group Inc. purchased a new position in Ignyta in the 1st quarter worth approximately $133,000. 80.82% of the stock is owned by institutional investors and hedge funds.
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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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