Zacks Investment Research upgraded shares of Cancer Genetics Inc. (NASDAQ:CGIX) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $2.00 target price on the stock.
According to Zacks, “Cancer Genetics, Inc. operates as a diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve the diagnosis, prognosis and response to treatment of cancer. The company’s tests target cancers, including hematological, urogenital, and HPV-associated cancers. It also offers non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals as well as biopharma and biotech. Cancer Genetics, Inc. is headquartered in Rutherford, New Jersey. “
A number of other research firms have also weighed in on CGIX. Rodman & Renshaw initiated coverage on shares of Cancer Genetics in a report on Monday, September 26th. They set a buy rating and a $6.00 target price on the stock. HC Wainwright initiated coverage on shares of Cancer Genetics in a report on Tuesday, September 27th. They set a buy rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $7.25.
Cancer Genetics (NASDAQ:CGIX) opened at 1.66 on Tuesday. The company’s market cap is $26.76 million. Cancer Genetics has a 1-year low of $1.60 and a 1-year high of $8.00. The stock’s 50 day moving average is $1.89 and its 200 day moving average is $2.17.
Cancer Genetics (NASDAQ:CGIX) last posted its earnings results on Wednesday, August 10th. The company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.05. The business had revenue of $7 million for the quarter, compared to analyst estimates of $6.50 million. Cancer Genetics had a negative net margin of 89.60% and a negative return on equity of 72.29%. Cancer Genetics’s revenue was up 67.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.51) EPS. Equities analysts anticipate that Cancer Genetics will post ($1.17) earnings per share for the current fiscal year.
In related news, Director John Pappajohn purchased 45,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $2.29 per share, with a total value of $103,050.00. Following the purchase, the director now directly owns 2,287,109 shares in the company, valued at $5,237,479.61. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 25.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Perkins Capital Management Inc. boosted its position in Cancer Genetics by 214.2% in the second quarter. Perkins Capital Management Inc. now owns 581,200 shares of the company’s stock worth $1,157,000 after buying an additional 396,250 shares in the last quarter. Fairbanks Capital Management Inc. acquired a new stake in shares of Cancer Genetics during the second quarter worth about $464,000. Sabby Management LLC boosted its stake in shares of Cancer Genetics by 145.5% in the second quarter. Sabby Management LLC now owns 199,580 shares of the company’s stock worth $397,000 after buying an additional 118,280 shares during the period. Bridger Management LLC acquired a new stake in shares of Cancer Genetics during the first quarter worth about $149,000. Finally, Eagle Global Advisors LLC boosted its stake in shares of Cancer Genetics by 69.3% in the second quarter. Eagle Global Advisors LLC now owns 84,320 shares of the company’s stock worth $168,000 after buying an additional 34,510 shares during the period. 9.65% of the stock is owned by institutional investors and hedge funds.
Cancer Genetics Company Profile
Cancer Genetics, Inc is engaged in the field of personalized medicine, enabling precision medicine in the field of oncology through its diagnostic products and services, and molecular markers. The Company develops, commercializes and provides molecular- and biomarker-based tests and services that enable physicians to personalize the clinical management of each individual patient by providing genomic information to diagnose, monitor and inform cancer treatment, and enable biopharmaceutical companies engaged in oncology trials to select candidate populations and manage adverse drug reactions by providing information regarding genomic factors influencing subject responses to therapeutics.