Granite Point Capital Management L.P. Purchases Shares of 50,000 Ignyta, Inc. (RXDX)

Granite Point Capital Management L.P. purchased a new position in shares of Ignyta, Inc. (NASDAQ:RXDX) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 50,000 shares of the biopharmaceutical company’s stock, valued at approximately $618,000. Granite Point Capital Management L.P. owned approximately 0.08% of Ignyta at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RXDX. Allianz Asset Management GmbH acquired a new position in shares of Ignyta in the 3rd quarter valued at $1,175,000. OxFORD Asset Management LLP acquired a new position in shares of Ignyta in the 3rd quarter valued at $1,480,000. Schwab Charles Investment Management Inc. increased its position in shares of Ignyta by 74.9% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 205,895 shares of the biopharmaceutical company’s stock valued at $2,543,000 after acquiring an additional 88,150 shares during the period. Greenwoods Asset Management Ltd increased its position in shares of Ignyta by 184.6% in the 3rd quarter. Greenwoods Asset Management Ltd now owns 387,000 shares of the biopharmaceutical company’s stock valued at $4,779,000 after acquiring an additional 251,000 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Ignyta by 4,314.7% in the 3rd quarter. Wells Fargo & Company MN now owns 988,227 shares of the biopharmaceutical company’s stock valued at $12,206,000 after acquiring an additional 965,842 shares during the period. 72.88% of the stock is currently owned by institutional investors and hedge funds.

Shares of Ignyta, Inc. (RXDX) opened at $15.50 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.07 and a quick ratio of 6.07. Ignyta, Inc. has a 12-month low of $4.60 and a 12-month high of $18.30.

Ignyta (NASDAQ:RXDX) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.03. analysts anticipate that Ignyta, Inc. will post -2.27 earnings per share for the current year.

RXDX has been the topic of several research reports. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 target price on shares of Ignyta in a research report on Wednesday, September 27th. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $20.00 price target (up from $18.00) on shares of Ignyta in a research report on Thursday, October 12th. SunTrust Banks began coverage on Ignyta in a research report on Monday, November 20th. They set a “buy” rating on the stock. Zacks Investment Research downgraded Ignyta from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Finally, Ladenburg Thalmann Financial Services increased their price target on Ignyta from $20.25 to $31.00 in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Ignyta has a consensus rating of “Buy” and a consensus price target of $23.80.

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Ignyta Company Profile

Ignyta, Inc is a biotechnology company. The Company is focused on precision medicine in oncology. The Company is pursuing an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. The Company’s pipeline includes various compounds, such as entrectinib, RXDX-105, taladegib and RXDX-106.

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Institutional Ownership by Quarter for Ignyta (NASDAQ:RXDX)

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