Ignyta Inc (RXDX) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Ignyta Inc (NASDAQ:RXDX) from a hold rating to a buy rating in a report issued on Saturday. The firm currently has $10.00 price target on the biopharmaceutical company’s stock.

According to Zacks, “Ignyta, Inc. is a biotechnology company. It develops precision medicine with integrated Rx/Dx solutions for cancer patients. The company focuses on the development of RXDX-101, its proprietary oral tyrosine kinase inhibitor that targets solid tumor indications, and advancing its novel Spark discovery programs that leverage its proprietary cancer genomic and epigenomic knowledge bases. Ignyta, Inc. is based in San Diego, California. “

Separately, Jefferies Group LLC reissued a buy rating and issued a $20.00 price objective on shares of Ignyta in a research note on Wednesday, November 30th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $16.60.

Shares of Ignyta (NASDAQ:RXDX) traded down 1.75% during trading on Friday, reaching $8.40. 89,803 shares of the company traded hands. The stock’s market capitalization is $350.28 million. The firm has a 50 day moving average of $8.51 and a 200 day moving average of $6.71. Ignyta has a 52 week low of $4.15 and a 52 week high of $9.90.

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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Great Point Partners LLC purchased a new position in shares of Ignyta during the third quarter worth about $21,859,000. Victory Capital Management Inc. purchased a new position in shares of Ignyta during the third quarter worth about $14,911,000. Armistice Capital LLC increased its position in shares of Ignyta by 36.6% in the fourth quarter. Armistice Capital LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock worth $10,600,000 after buying an additional 536,000 shares in the last quarter. Baker BROS. Advisors LP purchased a new position in shares of Ignyta during the third quarter worth about $3,592,000. Finally, State Street Corp increased its position in shares of Ignyta by 7.8% in the fourth quarter. State Street Corp now owns 426,861 shares of the biopharmaceutical company’s stock worth $2,264,000 after buying an additional 30,833 shares in the last quarter. Institutional investors own 61.93% of the company’s stock.

About Ignyta

Ignyta, Inc is an oncology biotechnology company. The Company focuses on an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. Its Rx is focused on discovering, in licensing or acquiring, then developing and commercializing molecularly targeted therapies that, sequentially or in combination, are foundational for eradicating residual disease.

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