NanoString Technologies, Inc. (NASDAQ:NSTG – Get Rating) was down 5.8% during trading on Monday after Morgan Stanley lowered their price target on the stock from $30.00 to $28.00. Morgan Stanley currently has an equal weight rating on the stock. NanoString Technologies traded as low as $14.45 and last traded at $14.51. Approximately 18,635 shares traded hands during trading, a decline of 98% from the average daily volume of 770,091 shares. The stock had previously closed at $15.40.
A number of other research analysts have also commented on NSTG. Cowen lowered their price objective on shares of NanoString Technologies from $65.00 to $50.00 in a research note on Wednesday, April 13th. Cowen set a $33.00 price target on shares of NanoString Technologies in a research report on Tuesday, July 19th. Robert W. Baird decreased their price target on shares of NanoString Technologies from $30.00 to $21.00 in a research report on Friday. Canaccord Genuity Group decreased their price target on shares of NanoString Technologies from $50.00 to $37.00 in a research report on Wednesday, April 13th. Finally, Canaccord Genuity Group decreased their price target on shares of NanoString Technologies from $50.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, April 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.43.
Hedge Funds Weigh In On NanoString Technologies
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wrapmanager Inc. boosted its stake in shares of NanoString Technologies by 51.9% during the 2nd quarter. Wrapmanager Inc. now owns 16,681 shares of the biotechnology company’s stock valued at $212,000 after buying an additional 5,701 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of NanoString Technologies during the 2nd quarter valued at $244,000. State of New Jersey Common Pension Fund D boosted its stake in shares of NanoString Technologies by 77.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 141,893 shares of the biotechnology company’s stock valued at $1,802,000 after buying an additional 62,045 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of NanoString Technologies by 25.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 53,682 shares of the biotechnology company’s stock valued at $682,000 after buying an additional 10,942 shares during the period. Finally, Integral Health Asset Management LLC acquired a new stake in shares of NanoString Technologies during the 2nd quarter valued at $2,394,000.
NanoString Technologies Stock Performance
The company has a debt-to-equity ratio of 1.55, a quick ratio of 7.11 and a current ratio of 7.81. The firm’s 50 day moving average is $13.66 and its 200-day moving average is $23.15. The firm has a market cap of $673.50 million, a price-to-earnings ratio of -5.09 and a beta of 1.92.
NanoString Technologies (NASDAQ:NSTG – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The biotechnology company reported ($0.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.18). NanoString Technologies had a negative net margin of 97.45% and a negative return on equity of 80.13%. The business had revenue of $32.22 million during the quarter, compared to analyst estimates of $32.32 million. During the same period in the previous year, the firm posted ($0.60) EPS. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. Sell-side analysts anticipate that NanoString Technologies, Inc. will post -2.49 earnings per share for the current fiscal year.
About NanoString Technologies
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.