NanoString Technologies (NASDAQ:NSTG) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of NanoString Technologies (NASDAQ:NSTG) from a sell rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $42.00 price target on the biotechnology company’s stock.

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 reports. Robert W. Baird dropped their price target on NanoString Technologies from $71.00 to $60.00 and set an outperform rating for the company in a report on Wednesday, November 10th. Cowen dropped their price target on NanoString Technologies from $75.00 to $65.00 and set an outperform rating for the company in a report on Thursday, October 14th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and an average target price of $62.40.

NSTG opened at $35.88 on Wednesday. NanoString Technologies has a 12-month low of $32.72 and a 12-month high of $86.42. The business has a 50 day moving average of $40.97 and a 200-day moving average of $49.93. The company has a quick ratio of 9.33, a current ratio of 10.03 and a debt-to-equity ratio of 1.13.

NanoString Technologies (NASDAQ:NSTG) last released its quarterly earnings data on Tuesday, November 9th. The biotechnology company reported ($0.69) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.53) by ($0.16). The business had revenue of $37.15 million during the quarter, compared to analyst estimates of $37.35 million. NanoString Technologies had a negative net margin of 78.48% and a negative return on equity of 45.31%. During the same period in the previous year, the business earned ($0.56) earnings per share. Analysts forecast that NanoString Technologies will post -2.48 EPS for the current year.

In other news, CFO K Thomas Bailey sold 7,843 shares of NanoString Technologies stock in a transaction on Wednesday, November 17th. The stock was sold at an average price of $46.74, for a total value of $366,581.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO R Bradley Gray sold 25,000 shares of NanoString Technologies stock in a transaction on Wednesday, November 10th. The shares were sold at an average price of $46.29, for a total value of $1,157,250.00. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of NSTG. Dark Forest Capital Management LP bought a new position in shares of NanoString Technologies in the 2nd quarter valued at $40,000. Point72 Hong Kong Ltd grew its position in NanoString Technologies by 449.7% during the 3rd quarter. Point72 Hong Kong Ltd now owns 1,979 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 1,619 shares during the last quarter. Maverick Capital Ltd. grew its position in NanoString Technologies by 425.7% during the 2nd quarter. Maverick Capital Ltd. now owns 1,656 shares of the biotechnology company’s stock worth $107,000 after acquiring an additional 1,341 shares during the last quarter. Advisor Group Holdings Inc. grew its position in NanoString Technologies by 25.6% during the 2nd quarter. Advisor Group Holdings Inc. now owns 3,211 shares of the biotechnology company’s stock worth $208,000 after acquiring an additional 654 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in NanoString Technologies by 33.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,400 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 1,107 shares during the last quarter.

NanoString Technologies Company Profile

NanoString Technologies, Inc engages in the development and commercialization of instruments and services for profiling of genes and proteins from tissue sample. It offers the GeoMx Digital Spatial Profiler and nCounter Analysis System product platforms, both of which include instruments, related consumables, and software.

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