Zacks Investment Research Upgrades Ignyta (RXDX) to “Buy”

Ignyta (NASDAQ:RXDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $30.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.11% from the company’s current price.

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. “

Several other equities analysts have also recently weighed in on the stock. Ladenburg Thalmann Financial Services lifted their price objective on shares of Ignyta from $20.25 to $31.00 in a research report on Wednesday, October 18th. SunTrust Banks started coverage on shares of Ignyta in a research report on Monday, November 20th. They set a “buy” rating on the stock. Cantor Fitzgerald set a $23.00 price target on shares of Ignyta and gave the company a “buy” rating in a report on Tuesday, November 14th. JPMorgan Chase & Co. restated a “buy” rating and set a $20.00 price target (up from $18.00) on shares of Ignyta in a report on Thursday, October 12th. Finally, Jefferies Group cut shares of Ignyta from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a report on Friday, December 22nd. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $26.33.

Ignyta (NASDAQ RXDX) remained flat at $$27.00 during midday trading on Wednesday. The company had a trading volume of 2,748,900 shares, compared to its average volume of 4,447,183. Ignyta has a 12-month low of $4.60 and a 12-month high of $27.00. The company has a current ratio of 6.07, a quick ratio of 6.07 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1,790.00, a PE ratio of -9.96 and a beta of 206.07.

Ignyta (NASDAQ:RXDX) last posted its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.03. research analysts expect that Ignyta will post -2.27 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. grew its holdings in shares of Ignyta by 28.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 117,745 shares of the biopharmaceutical company’s stock valued at $1,219,000 after acquiring an additional 26,100 shares in the last quarter. Citadel Advisors LLC grew its holdings in shares of Ignyta by 108.3% during the 2nd quarter. Citadel Advisors LLC now owns 76,585 shares of the biopharmaceutical company’s stock valued at $793,000 after acquiring an additional 39,819 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Ignyta by 123.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 287,394 shares of the biopharmaceutical company’s stock valued at $2,975,000 after acquiring an additional 159,055 shares in the last quarter. RA Capital Management LLC grew its holdings in shares of Ignyta by 291.8% during the 2nd quarter. RA Capital Management LLC now owns 4,016,990 shares of the biopharmaceutical company’s stock valued at $41,576,000 after acquiring an additional 2,991,699 shares in the last quarter. Finally, Crestline Management LP grew its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.

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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.

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