Ignyta Inc (RXDX) Upgraded 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 note issued to investors on Saturday morning. They currently have $10.00 price objective 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. “
Separately, Jefferies Group LLC reiterated a buy rating and set a $20.00 price objective on shares of Ignyta in a research report on Wednesday, November 30th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $16.60.
Shares of Ignyta (NASDAQ:RXDX) traded down 2.34% during mid-day trading on Friday, hitting $8.35. The stock had a trading volume of 56,133 shares. Ignyta has a one year low of $4.15 and a one year high of $9.90. The firm’s 50 day moving average price is $8.51 and its 200-day moving average price is $6.71. The company’s market cap is $348.20 million.
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Several large investors have recently bought and sold shares of RXDX. Great Point Partners LLC purchased a new stake in Ignyta during the third quarter worth approximately $21,859,000. Victory Capital Management Inc. purchased a new stake in Ignyta during the third quarter worth approximately $14,911,000. Armistice Capital LLC raised its stake in Ignyta by 36.6% in the fourth quarter. Armistice Capital LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock worth $10,600,000 after buying an additional 536,000 shares in the last quarter. Baker BROS. Advisors LP purchased a new stake in Ignyta during the third quarter worth approximately $3,592,000. Finally, State Street Corp raised its stake in Ignyta by 7.8% in the fourth quarter. State Street Corp now owns 426,861 shares of the biopharmaceutical company’s stock worth $2,264,000 after buying an additional 30,833 shares in the last quarter. 61.93% of the stock is currently owned by institutional investors.
Ignyta, Inc is an oncology biotechnology company. The Company focuses on an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. Its Rx is focused on discovering, in licensing or acquiring, then developing and commercializing molecularly targeted therapies that, sequentially or in combination, are foundational for eradicating residual disease.
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