Ignyta, Inc. (RXDX) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Ignyta, Inc. (NASDAQ:RXDX) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $18.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “Ignyta, Inc. is a biotechnology company. It develops precision medicine with integrated Rx/Dx solutions for cancer patients. The company focuses on the development of RXDX-101, its proprietary oral tyrosine kinase inhibitor that targets solid tumor indications, and advancing its novel Spark discovery programs that leverage its proprietary cancer genomic and epigenomic knowledge bases. Ignyta, Inc. is based in San Diego, California. “
RXDX has been the topic of a number of other research reports. J P Morgan Chase & Co reaffirmed a buy rating and issued a $20.00 price target (up previously from $18.00) on shares of Ignyta in a report on Thursday, October 12th. Cantor Fitzgerald reaffirmed a buy rating and issued a $15.00 price target on shares of Ignyta in a report on Wednesday, September 27th. Ladenburg Thalmann Financial Services lifted their price target on shares of Ignyta from $20.25 to $31.00 in a report on Wednesday, October 18th. Finally, BidaskClub cut shares of Ignyta from a buy rating to a hold rating in a report on Friday, July 28th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Ignyta has an average rating of Buy and an average price target of $23.80.
Ignyta (NASDAQ:RXDX) traded up $0.05 during trading on Tuesday, hitting $14.90. 956,274 shares of the company’s stock traded hands, compared to its average volume of 815,599. Ignyta has a 1 year low of $4.60 and a 1 year high of $18.30. The company has a current ratio of 6.07, a quick ratio of 6.07 and a debt-to-equity ratio of 0.34.
Ignyta (NASDAQ:RXDX) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.03. sell-side analysts expect that Ignyta will post -2.31 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of the business. Crestline Management LP raised its holdings in Ignyta by 44.3% during the 3rd quarter. Crestline Management LP now owns 133,584 shares of the biopharmaceutical company’s stock valued at $1,650,000 after acquiring an additional 41,023 shares during the period. Granite Point Capital Management L.P. bought a new stake in Ignyta during the 3rd quarter valued at $618,000. Allianz Asset Management GmbH bought a new stake in Ignyta during the 3rd quarter valued at $1,175,000. OxFORD Asset Management LLP bought a new stake in Ignyta during the 3rd quarter valued at $1,480,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in Ignyta by 74.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 205,895 shares of the biopharmaceutical company’s stock valued at $2,543,000 after acquiring an additional 88,150 shares during the period. 67.98% of the stock is currently owned by institutional investors and hedge funds.
Ignyta Company Profile
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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