Ignyta (RXDX) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Ignyta (NASDAQ:RXDX) from a buy rating to a hold rating in a report released on Wednesday morning.

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. “

A number of other equities research analysts have also issued reports on the stock. Ladenburg Thalmann Financial Services lifted their target price on shares of Ignyta from $20.25 to $31.00 in a research note on Wednesday, October 18th. SunTrust Banks began coverage on shares of Ignyta in a research note on Monday, November 20th. They set a buy rating for the company. Cantor Fitzgerald set a $23.00 target price on shares of Ignyta and gave the company a buy rating in a research note on Tuesday, November 14th. JPMorgan Chase & Co. reissued a buy rating and set a $20.00 target price (up previously from $18.00) on shares of Ignyta in a research note on Thursday, October 12th. Finally, Jefferies Group lowered shares of Ignyta from a buy rating to a hold rating and set a $27.00 target price for the company. in a research note on Friday, December 22nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Ignyta currently has a consensus rating of Hold and an average price target of $26.33.

Ignyta (RXDX) traded up $0.10 during trading on Wednesday, reaching $26.95. 5,140,000 shares of the company were exchanged, compared to its average volume of 5,634,481. Ignyta has a 1 year low of $4.60 and a 1 year high of $27.10. The company has a quick ratio of 6.07, a current ratio of 6.07 and a debt-to-equity ratio of 0.34. The firm has a market cap of $1,821.52, a price-to-earnings ratio of -9.98 and a beta of 2.11.

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

Several large investors have recently modified their holdings of RXDX. Numeric Investors LLC acquired a new stake in shares of Ignyta during the 2nd quarter valued at $126,000. Legal & General Group Plc boosted its stake in shares of Ignyta by 71.9% during the 2nd quarter. Legal & General Group Plc now owns 12,681 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 5,306 shares during the period. Virtu KCG Holdings LLC acquired a new stake in shares of Ignyta during the 2nd quarter valued at $132,000. Trexquant Investment LP acquired a new stake in shares of Ignyta in the 3rd quarter valued at $152,000. Finally, LMR Partners LLP acquired a new stake in shares of Ignyta in the 3rd quarter valued at $169,000. 71.51% of the stock is owned by institutional investors.

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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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