Cancer Genetics Inc. (NASDAQ:CGIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $2.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.99% from the company’s previous close.
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 equities research analysts also recently issued reports on the company. HC Wainwright began coverage on Cancer Genetics in a research report on Tuesday, September 27th. They set a “buy” rating and a $6.00 target price on the stock. Rodman & Renshaw began coverage on Cancer Genetics in a research report on Monday, September 26th. 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 issued a buy rating to the company. Cancer Genetics presently has a consensus rating of “Buy” and a consensus price target of $7.25.
Shares of Cancer Genetics (NASDAQ:CGIX) opened at 1.77 on Tuesday. Cancer Genetics has a 12-month low of $1.70 and a 12-month high of $8.17. The firm’s market cap is $28.53 million. The company’s 50 day moving average price is $1.92 and its 200 day moving average price is $2.19.
Cancer Genetics (NASDAQ:CGIX) last posted its earnings results on Wednesday, August 10th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.05. The firm had revenue of $7 million for the quarter, compared to the consensus estimate of $6.50 million. Cancer Genetics had a negative return on equity of 72.29% and a negative net margin of 89.60%. The business’s quarterly revenue was up 67.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.51) earnings per share. Equities research analysts forecast that Cancer Genetics will post ($1.17) EPS for the current year.
In other news, Director John Pappajohn purchased 45,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were purchased at an average price of $2.29 per share, with a total value of $103,050.00. Following the completion of the acquisition, the director now owns 2,287,109 shares in the company, valued at approximately $5,237,479.61. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 25.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bridger Management LLC purchased a new position in Cancer Genetics during the first quarter valued at $149,000. Sabby Management LLC boosted its position in Cancer Genetics by 28.5% in the first quarter. Sabby Management LLC now owns 81,300 shares of the company’s stock valued at $231,000 after buying an additional 18,049 shares during the last quarter. Eagle Global Advisors LLC boosted 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. Fairbanks Capital Management Inc. purchased a new position in Cancer Genetics during the second quarter valued at $464,000. Finally, Vanguard Group Inc. boosted 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. 9.65% of the stock is currently owned by hedge funds and other institutional investors.
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.
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