NanoString Technologies (NASDAQ:NSTG) Stock Rating Lowered by Zacks Investment Research

NanoString Technologies (NASDAQ:NSTGGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “NanoString Technologies, Inc. is engaged in the development, manufacture and sale of life science tools. It provides nCounter Analysis System which supports research and development of clinical applications from basic discovery to the development of future molecular diagnostic tests on a single platform. The company also offers nSolver Analysis software, gene expression panels, miRNA expression assay kits, cancer copy number variation panels, nCounter leukemia fusion gene expression assay kits and human karyotype panels, custom CodeSets and master kits that are ancillary reagents, cartridges, tips and reagent plates to setup and process samples in its instruments. It markets its systems and related consumables to researchers in academic, government and biopharmaceutical laboratories primarily in North America, Europe, the Middle East and the Asia Pacific. NanoString Technologies, Inc. is headquartered in Seattle, Washington. “

Several other analysts have also issued reports on the stock. Robert W. Baird decreased their price target on shares of NanoString Technologies from $35.00 to $30.00 in a research report on Wednesday. Cowen decreased their target price on shares of NanoString Technologies from $65.00 to $50.00 in a research report on Wednesday, April 13th. JPMorgan Chase & Co. cut their price target on shares of NanoString Technologies from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, March 2nd. Canaccord Genuity Group cut their price target on shares of NanoString Technologies from $50.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, April 13th. Finally, Canaccord Genuity Group cut their price target on shares of NanoString Technologies from $50.00 to $37.00 in a report on Wednesday, April 13th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $45.00.

Shares of NSTG opened at $16.73 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 8.20 and a quick ratio of 7.60. The company has a market capitalization of $776.47 million, a PE ratio of -6.00 and a beta of 1.98. The company’s fifty day moving average price is $26.67 and its 200 day moving average price is $34.84. NanoString Technologies has a one year low of $13.52 and a one year high of $70.40.

NanoString Technologies (NASDAQ:NSTGGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The biotechnology company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.33). The company had revenue of $31.08 million during the quarter, compared to analyst estimates of $30.95 million. NanoString Technologies had a negative return on equity of 63.97% and a negative net margin of 87.89%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.62) earnings per share. Analysts anticipate that NanoString Technologies will post -2.19 earnings per share for the current year.

In other news, CFO K Thomas Bailey sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 10th. The stock was sold at an average price of $33.81, for a total value of $169,050.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO R Bradley Gray sold 9,667 shares of the business’s stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $33.06, for a total value of $319,591.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,864 shares of company stock worth $1,054,146. Corporate insiders own 2.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinebridge Investments L.P. acquired a new position in NanoString Technologies during the fourth quarter worth approximately $30,000. Dark Forest Capital Management LP boosted its stake in shares of NanoString Technologies by 102.7% in the third quarter. Dark Forest Capital Management LP now owns 1,267 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 642 shares during the period. Point72 Hong Kong Ltd boosted its stake in shares of NanoString Technologies by 449.7% in the third quarter. Point72 Hong Kong Ltd now owns 1,979 shares of the biotechnology company’s stock valued at $95,000 after buying an additional 1,619 shares during the period. Advisor Group Holdings Inc. boosted its stake in shares of NanoString Technologies by 15.0% in the fourth quarter. Advisor Group Holdings Inc. now owns 3,795 shares of the biotechnology company’s stock valued at $160,000 after buying an additional 496 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of NanoString Technologies by 33.6% in the third quarter. Russell Investments Group Ltd. now owns 4,400 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 1,107 shares during the period.

NanoString Technologies Company Profile (Get Rating)

NanoString Technologies, Inc develops, manufactures, and sells tools for scientific and clinical research in the fields of genomics and proteomics in the Americas, Europe, the Middle East, and the Asia Pacific. The company offers nCounter Analysis System, an automated, multi-application, digital detection, and counting system.

See Also

Get a free copy of the Zacks research report on NanoString Technologies (NSTG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for NanoString Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NanoString Technologies and related companies with MarketBeat.com's FREE daily email newsletter.