Zacks Investment Research lowered shares of Cancer Genetics Inc. (NASDAQ:CGIX) from a buy rating to a hold rating in a research note published 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. “
A number of other equities analysts also recently issued reports on the company. HC Wainwright assumed coverage on Cancer Genetics in a research report on Tuesday, September 27th. They set a buy rating and a $6.00 price target on the stock. Rodman & Renshaw assumed coverage on Cancer Genetics in a research report on Monday, September 26th. They set a buy rating and a $6.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $7.19.
Shares of Cancer Genetics (NASDAQ:CGIX) opened at 1.55 on Monday. The company’s market capitalization is $29.27 million. The firm’s 50 day moving average price is $1.52 and its 200-day moving average price is $1.91. Cancer Genetics has a 1-year low of $1.10 and a 1-year high of $3.48.
Cancer Genetics (NASDAQ:CGIX) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.05. Cancer Genetics had a negative return on equity of 63.26% and a negative net margin of 74.07%. The business had revenue of $6.80 million for the quarter, compared to the consensus estimate of $6.93 million. During the same quarter in the prior year, the company earned ($0.56) EPS. The business’s revenue was up 70.0% compared to the same quarter last year. Analysts expect that Cancer Genetics will post ($1.17) EPS for the current year.
In related news, Director John Pappajohn acquired 31,100 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The stock was purchased at an average cost of $1.48 per share, for a total transaction of $46,028.00. Following the purchase, the director now directly owns 2,320,709 shares of the company’s stock, valued at approximately $3,434,649.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 25.40% of the company’s stock.
Several large investors have recently modified their holdings of CGIX. 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. Sabby Management LLC boosted its stake in 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. Fairbanks Capital Management Inc. acquired a new stake in Cancer Genetics during the second quarter worth approximately $464,000. Anson Funds Management LP acquired a new stake in Cancer Genetics during the third quarter worth approximately $476,000. Finally, Vanguard Group Inc. boosted its stake in Cancer Genetics by 3.3% in the second quarter. Vanguard Group Inc. now owns 326,966 shares of the company’s stock worth $651,000 after buying an additional 10,328 shares during the period. Hedge funds and other institutional investors own 12.19% of the company’s stock.
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.