Cancer Genetics Inc. (NASDAQ:CGIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
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. “
Several other research firms have also recently issued reports on CGIX. HC Wainwright initiated coverage on shares of Cancer Genetics in a research report on Tuesday, September 27th. They set a “buy” rating and a $6.00 price objective for the company. Rodman & Renshaw initiated coverage on shares of Cancer Genetics in a research report on Monday, September 26th. They set a “buy” rating and a $6.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $7.19.
Cancer Genetics (NASDAQ:CGIX) traded down 3.13% during midday trading on Monday, reaching $1.55. 303,266 shares of the company’s stock traded hands. The firm’s 50-day moving average is $1.53 and its 200-day moving average is $1.93. Cancer Genetics has a 1-year low of $1.10 and a 1-year high of $3.82. The company’s market capitalization is $29.27 million.
Cancer Genetics (NASDAQ:CGIX) last issued its earnings results on Thursday, November 10th. The company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.05. The business earned $6.80 million during the quarter, compared to analysts’ expectations of $6.93 million. Cancer Genetics had a negative net margin of 74.07% and a negative return on equity of 63.26%. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.56) earnings per share. Analysts forecast that Cancer Genetics will post ($1.17) earnings per share for the current year.
In related news, Director John Pappajohn bought 31,100 shares of the stock in a transaction on Monday, November 14th. The stock was bought at an average price of $1.48 per share, with a total value of $46,028.00. Following the completion of the purchase, the director now directly owns 2,320,709 shares in the company, valued at approximately $3,434,649.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 25.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CGIX. Fairbanks Capital Management Inc. raised its position in Cancer Genetics by 0.9% in the third quarter. Fairbanks Capital Management Inc. now owns 235,170 shares of the company’s stock valued at $411,000 after buying an additional 2,000 shares during the last quarter. Vanguard Group Inc. raised its position in Cancer Genetics by 3.3% in the second quarter. Vanguard Group Inc. now owns 326,966 shares of the company’s stock valued at $651,000 after buying an additional 10,328 shares during the last quarter. Eagle Global Advisors LLC raised its position in Cancer Genetics by 69.3% in the second quarter. Eagle Global Advisors LLC now owns 84,320 shares of the company’s stock valued at $168,000 after buying an additional 34,510 shares during the last quarter. Sabby Management LLC raised its position in Cancer Genetics by 145.5% in the second quarter. Sabby Management LLC now owns 199,580 shares of the company’s stock valued at $397,000 after buying an additional 118,280 shares during the last quarter. Finally, Anson Funds Management LP acquired a new position in Cancer Genetics during the third quarter valued at approximately $476,000. 12.19% 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.