NanoString Technologies (NSTG) Lifted to “Buy” at Zacks Investment Research

NanoString Technologies (NASDAQ:NSTG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $20.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price would indicate a potential downside of 5.62% from the stock’s current price.

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. “

NSTG has been the subject of several other research reports. JPMorgan Chase & Co. raised their price target on shares of NanoString Technologies to $20.00 and gave the stock an “overweight” rating in a report on Thursday, September 13th. Morgan Stanley lifted their price objective on shares of NanoString Technologies from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 10th. ValuEngine upgraded shares of NanoString Technologies from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 2nd. BidaskClub lowered shares of NanoString Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 15th. Finally, UBS Group assumed coverage on shares of NanoString Technologies in a research note on Tuesday, October 9th. They issued a “buy” rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. NanoString Technologies currently has a consensus rating of “Buy” and an average price target of $19.80.

NanoString Technologies stock traded up $0.94 during mid-day trading on Thursday, hitting $21.19. 449,828 shares of the stock were exchanged, compared to its average volume of 462,475. The company has a debt-to-equity ratio of 0.96, a quick ratio of 3.22 and a current ratio of 3.62. NanoString Technologies has a 12 month low of $5.87 and a 12 month high of $21.99. The firm has a market cap of $625.57 million, a price-to-earnings ratio of -11.52 and a beta of 0.71.

NanoString Technologies (NASDAQ:NSTG) last released its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.01. NanoString Technologies had a negative net margin of 58.11% and a negative return on equity of 206.80%. The firm had revenue of $28.62 million during the quarter, compared to analyst estimates of $25.90 million. As a group, equities research analysts predict that NanoString Technologies will post -2.59 EPS for the current fiscal year.

In other news, insider R Bradley Gray sold 30,000 shares of NanoString Technologies stock in a transaction on Wednesday, January 9th. The shares were sold at an average price of $20.04, for a total value of $601,200.00. Following the completion of the sale, the insider now owns 104,213 shares in the company, valued at approximately $2,088,428.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 20.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NSTG. ARK Investment Management LLC grew its position in NanoString Technologies by 30.8% in the 3rd quarter. ARK Investment Management LLC now owns 3,434,304 shares of the biotechnology company’s stock valued at $61,234,000 after purchasing an additional 808,832 shares during the period. Point72 Asset Management L.P. acquired a new stake in NanoString Technologies in the 3rd quarter valued at $7,132,000. BlackRock Inc. grew its position in NanoString Technologies by 19.4% in the 3rd quarter. BlackRock Inc. now owns 2,211,521 shares of the biotechnology company’s stock valued at $39,432,000 after purchasing an additional 358,991 shares during the period. Morgan Stanley grew its position in NanoString Technologies by 16.6% in the 3rd quarter. Morgan Stanley now owns 1,807,118 shares of the biotechnology company’s stock valued at $32,221,000 after purchasing an additional 257,703 shares during the period. Finally, Neuberger Berman Group LLC grew its position in NanoString Technologies by 22.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,232,787 shares of the biotechnology company’s stock valued at $21,980,000 after purchasing an additional 229,486 shares during the period. 88.99% of the stock is owned by institutional investors and hedge funds.

About NanoString Technologies

NanoString Technologies, Inc provides life science tools for translational research and molecular diagnostic products worldwide. The company offers nCounter Analysis System, an automated, multi-application, digital detection, and counting system. It provides nCounter MAX and FLEX systems that include Prep Station, an automated liquid handling component that processes and prepares samples for data collection; and nCounter Digital Analyzer, which collects data from samples by taking images of the immobilized fluorescent reporters in the sample cartridge and processing the data into output files.

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