NanoString Technologies (NSTG) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of NanoString Technologies (NASDAQ:NSTG) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “NanoString Technologies, Inc. is engaged in the development, manufacture and sale of life science tools. It provides nCounter Analysis System which supports research and development of clinical applications from basic discovery to the development of future molecular diagnostic tests on a single platform. The company also offers nSolver Analysis software, gene expression panels, miRNA expression assay kits, cancer copy number variation panels, nCounter leukemia fusion gene expression assay kits and human karyotype panels, custom CodeSets and master kits that are ancillary reagents, cartridges, tips and reagent plates to setup and process samples in its instruments. It markets its systems and related consumables to researchers in academic, government and biopharmaceutical laboratories primarily in North America, Europe, the Middle East and the Asia Pacific. NanoString Technologies, Inc. is headquartered in Seattle, Washington. “
NSTG has been the subject of a number of other research reports. ValuEngine upgraded NanoString Technologies from a hold rating to a buy rating in a research report on Thursday, August 30th. JPMorgan Chase & Co. lifted their target price on NanoString Technologies to $20.00 and gave the company an overweight rating in a research note on Thursday, September 13th. Robert W. Baird lifted their target price on NanoString Technologies from $15.00 to $18.00 and gave the company an outperform rating in a research note on Tuesday, September 11th. BidaskClub downgraded NanoString Technologies from a buy rating to a hold rating in a research note on Friday, October 5th. Finally, Morgan Stanley lifted their target price on NanoString Technologies from $12.00 to $16.00 and gave the company an equal weight rating in a research note on Friday, July 13th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $19.60.
NanoString Technologies (NASDAQ:NSTG) last released its quarterly earnings data on Tuesday, August 7th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.71) by ($0.09). NanoString Technologies had a negative net margin of 54.34% and a negative return on equity of 201.90%. The company had revenue of $25.00 million for the quarter, compared to analyst estimates of $25.10 million. Equities analysts expect that NanoString Technologies will post -2.61 EPS for the current fiscal year.
In other NanoString Technologies news, SVP Mary Tedd Allen sold 26,895 shares of NanoString Technologies stock in a transaction on Monday, October 1st. The stock was sold at an average price of $17.60, for a total transaction of $473,352.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Nicholas Galakatos sold 85,823 shares of NanoString Technologies stock in a transaction on Monday, September 17th. The shares were sold at an average price of $15.99, for a total value of $1,372,309.77. The disclosure for this sale can be found here. 20.90% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. Metropolitan Life Insurance Co. NY bought a new stake in NanoString Technologies during the 2nd quarter valued at $108,000. MetLife Investment Advisors LLC bought a new stake in shares of NanoString Technologies in the 2nd quarter worth $155,000. Engineers Gate Manager LP bought a new stake in shares of NanoString Technologies in the 2nd quarter worth $261,000. GSA Capital Partners LLP bought a new stake in shares of NanoString Technologies in the 2nd quarter worth $271,000. Finally, Acadian Asset Management LLC bought a new stake in shares of NanoString Technologies in the 2nd quarter worth $325,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.
About NanoString Technologies
NanoString Technologies, Inc provides life science tools for translational research and molecular diagnostic products worldwide. The company offers nCounter Analysis System, an automated, multi-application, digital detection, and counting system. It provides nCounter MAX and FLEX systems that include Prep Station, an automated liquid handling component that processes and prepares samples for data collection; and nCounter Digital Analyzer, which collects data from samples by taking images of the immobilized fluorescent reporters in the sample cartridge and processing the data into output files.
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