Ignyta Inc (RXDX) Upgraded 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 research report report published on Saturday. Zacks Investment Research currently has $10.00 price objective 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 reaffirmed a buy rating and issued a $20.00 price objective on shares of Ignyta in a research note on Wednesday, November 30th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $16.60.

Ignyta (NASDAQ:RXDX) traded down 1.75% during midday trading on Friday, reaching $8.40. The company had a trading volume of 74,177 shares. Ignyta has a one year low of $4.15 and a one year high of $9.90. The stock’s 50 day moving average price is $8.51 and its 200-day moving average price is $6.71. The firm’s market capitalization is $350.28 million.

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Several hedge funds and other institutional investors have recently modified their holdings of RXDX. Great Point Partners LLC acquired a new position in shares of Ignyta during the third quarter valued at about $21,859,000. Victory Capital Management Inc. purchased a new stake in shares of Ignyta during the third quarter valued at approximately $14,911,000. Armistice Capital LLC increased its stake 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 valued at $10,600,000 after buying an additional 536,000 shares during the period. Baker BROS. Advisors LP purchased a new stake in shares of Ignyta during the third quarter valued at approximately $3,592,000. Finally, State Street Corp increased its stake 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 valued at $2,264,000 after buying an additional 30,833 shares during the period. 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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