Ignyta, Inc. (RXDX) Downgraded by Zacks Investment Research to Sell

Ignyta, Inc. (NASDAQ:RXDX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, May 24th.

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. “

Separately, Cantor Fitzgerald reissued a “buy” rating and set a $18.00 target price on shares of Ignyta in a report on Friday, April 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $16.00.

Analyst Recommendations for Ignyta (NASDAQ:RXDX)

Shares of Ignyta (RXDX) traded up 8.24% during trading on Wednesday, reaching $9.85. 2,177,419 shares of the company traded hands. The firm’s market capitalization is $412.08 million. Ignyta has a 12-month low of $4.15 and a 12-month high of $10.10. The company has a 50 day moving average price of $7.41 and a 200 day moving average price of $7.23.

Ignyta (NASDAQ:RXDX) last posted its earnings results on Monday, May 1st. The biopharmaceutical company reported ($0.96) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.69) by $0.27. On average, equities analysts predict that Ignyta will post ($2.71) EPS for the current year.

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Several large investors have recently bought and sold shares of RXDX. Goldman Sachs Group Inc. purchased a new stake in Ignyta during the first quarter worth approximately $133,000. American International Group Inc. raised its stake in Ignyta by 7.1% in the first quarter. American International Group Inc. now owns 18,148 shares of the biopharmaceutical company’s stock worth $156,000 after buying an additional 1,197 shares in the last quarter. Teza Capital Management LLC purchased a new stake in Ignyta during the fourth quarter worth approximately $112,000. Wells Fargo & Company MN increased its position in Ignyta by 4.8% in the first quarter. Wells Fargo & Company MN now owns 21,885 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 1,000 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY bought a new position in Ignyta during the first quarter worth about $201,000. 47.79% of the stock is currently owned by institutional investors.

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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