NanoString Technologies, Inc. (NSTG) Shares Down 7.2% After Analyst Downgrade

NanoString Technologies, Inc. (NASDAQ:NSTG)’s share price traded down 7.2% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $14.00 to $12.00. Robert W. Baird currently has an outperform rating on the stock. NanoString Technologies traded as low as $7.32 and last traded at $8.35. 225,961 shares traded hands during trading, a decline of 45% from the average session volume of 408,915 shares. The stock had previously closed at $7.79.

NSTG has been the topic of a number of other research reports. Zacks Investment Research raised NanoString Technologies from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a report on Thursday, August 10th. Cowen and Company lowered NanoString Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, October 12th. BidaskClub lowered NanoString Technologies from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. ValuEngine lowered NanoString Technologies from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, Janney Montgomery Scott lowered NanoString Technologies from a “buy” rating to a “neutral” rating in a report on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.25.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System boosted its holdings in NanoString Technologies by 1.3% in the 2nd quarter. California State Teachers Retirement System now owns 31,367 shares of the biotechnology company’s stock valued at $519,000 after purchasing an additional 400 shares in the last quarter. American International Group Inc. lifted its position in shares of NanoString Technologies by 7.4% during the 1st quarter. American International Group Inc. now owns 9,153 shares of the biotechnology company’s stock valued at $182,000 after acquiring an additional 634 shares during the period. Bank of America Corp DE lifted its position in shares of NanoString Technologies by 16.6% during the 1st quarter. Bank of America Corp DE now owns 11,404 shares of the biotechnology company’s stock valued at $227,000 after acquiring an additional 1,627 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of NanoString Technologies by 25.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,542 shares of the biotechnology company’s stock valued at $257,000 after acquiring an additional 3,132 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of NanoString Technologies by 20.6% during the 2nd quarter. Rhumbline Advisers now owns 21,332 shares of the biotechnology company’s stock valued at $353,000 after acquiring an additional 3,640 shares during the period. 93.04% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.74 and a current ratio of 4.22.

NanoString Technologies (NASDAQ:NSTG) last posted its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.56) by $0.11. NanoString Technologies had a negative net margin of 44.24% and a negative return on equity of 227.21%. The company had revenue of $27.02 million during the quarter, compared to the consensus estimate of $26.27 million. During the same period last year, the firm earned ($0.51) EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. research analysts predict that NanoString Technologies, Inc. will post -2.26 earnings per share for the current year.

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About NanoString Technologies

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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