NanoString Technologies (NASDAQ:NSTG) Lowered to “Hold” at Zacks Investment Research

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NanoString Technologies (NASDAQ:NSTGGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report 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. “

NSTG has been the topic of several other reports. Robert W. Baird lowered their price target on shares of NanoString Technologies from $51.00 to $35.00 in a research report on Wednesday, April 13th. Cowen reduced their price objective on shares of NanoString Technologies from $65.00 to $50.00 in a research note on Wednesday, April 13th. JPMorgan Chase & Co. reduced their price objective on shares of NanoString Technologies from $85.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 2nd. Canaccord Genuity Group reduced their price objective on shares of NanoString Technologies from $50.00 to $37.00 in a research note on Wednesday, April 13th. Finally, StockNews.com assumed coverage on shares of NanoString Technologies in a research note on Thursday, March 31st. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, NanoString Technologies has an average rating of “Hold” and a consensus target price of $48.13.

Shares of NSTG opened at $19.64 on Thursday. The firm’s 50-day moving average is $29.47 and its two-hundred day moving average is $36.33. The firm has a market capitalization of $902.36 million, a P/E ratio of -7.70 and a beta of 1.98. NanoString Technologies has a twelve month low of $17.58 and a twelve month high of $72.98. The company has a current ratio of 8.20, a quick ratio of 7.60 and a debt-to-equity ratio of 1.27.

NanoString Technologies (NASDAQ:NSTGGet Rating) last released its quarterly earnings results on Tuesday, March 1st. The biotechnology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.09). The business had revenue of $42.46 million during the quarter, compared to analyst estimates of $41.90 million. NanoString Technologies had a negative net margin of 79.44% and a negative return on equity of 55.40%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.53) earnings per share. Analysts predict that NanoString Technologies will post -2.19 EPS for the current year.

In other news, CEO R Bradley Gray sold 8,625 shares of the stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $27.81, for a total value of $239,861.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joseph M. Beechem sold 2,968 shares of the stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $33.06, for a total transaction of $98,122.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,864 shares of company stock worth $1,054,146. 2.80% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in NanoString Technologies by 106.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,273,970 shares of the biotechnology company’s stock valued at $205,193,000 after purchasing an additional 2,206,252 shares in the last quarter. Iron Triangle Partners LP acquired a new stake in NanoString Technologies during the 4th quarter valued at $31,673,000. Invesco Ltd. grew its holdings in NanoString Technologies by 43.4% during the 4th quarter. Invesco Ltd. now owns 1,611,435 shares of the biotechnology company’s stock valued at $68,051,000 after purchasing an additional 487,436 shares in the last quarter. Citigroup Inc. grew its holdings in NanoString Technologies by 2,320.5% during the 3rd quarter. Citigroup Inc. now owns 490,086 shares of the biotechnology company’s stock valued at $23,529,000 after purchasing an additional 469,839 shares in the last quarter. Finally, Norges Bank acquired a new stake in NanoString Technologies during the 4th quarter valued at $15,692,000.

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.

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