Ignyta (NASDAQ:RXDX) Coverage Initiated at SunTrust Banks

Equities research analysts at SunTrust Banks initiated coverage on shares of Ignyta (NASDAQ:RXDX) in a research note issued to investors on Monday, November 20th, The Fly reports. The brokerage set a “buy” rating on the biopharmaceutical company’s stock. SunTrust Banks also issued estimates for Ignyta’s Q4 2017 earnings at ($0.44) EPS, FY2017 earnings at ($2.13) EPS, Q1 2018 earnings at ($0.44) EPS, Q2 2018 earnings at ($0.45) EPS, Q3 2018 earnings at ($0.46) EPS, Q4 2018 earnings at ($0.47) EPS, FY2018 earnings at ($1.82) EPS, FY2019 earnings at ($1.44) EPS, FY2020 earnings at ($0.51) EPS and FY2021 earnings at $0.68 EPS.

Other analysts have also issued research reports about the stock. BidaskClub lowered shares of Ignyta from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of Ignyta from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Tuesday, November 14th. Ladenburg Thalmann Financial Services lifted their price target on shares of Ignyta from $20.25 to $31.00 in a report on Wednesday, October 18th. Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 price target on shares of Ignyta in a report on Wednesday, September 6th. Finally, J P Morgan 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. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $23.80.

Ignyta (RXDX) traded down $0.15 during trading on Monday, reaching $15.50. 960,120 shares of the company’s stock traded hands, compared to its average volume of 816,836. The company has a current ratio of 6.07, a quick ratio of 6.07 and a debt-to-equity ratio of 0.34. Ignyta has a 52-week low of $4.60 and a 52-week high of $18.30.

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

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cutter & CO Brokerage Inc. bought a new stake in shares of Ignyta during the second quarter worth about $122,000. Numeric Investors LLC bought a new stake in Ignyta during the 2nd quarter worth approximately $126,000. Trexquant Investment LP bought a new position in shares of Ignyta in the 3rd quarter worth $152,000. Legal & General Group Plc increased its holdings in shares of Ignyta by 71.9% in the 2nd quarter. Legal & General Group Plc now owns 12,681 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 5,306 shares during the last quarter. Finally, Virtu KCG Holdings LLC bought a new position in shares of Ignyta in the 2nd quarter worth $132,000. 72.88% of the stock is owned by hedge funds and other 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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