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

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Zacks Investment Research downgraded shares of NanoString Technologies (NASDAQ:NSTG) from a buy rating to a hold rating in a research note issued to investors on Friday, 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. BidaskClub cut NanoString Technologies from a strong-buy rating to a buy rating in a research report on Thursday, March 14th. JPMorgan Chase & Co. restated an overweight rating and issued a $35.00 target price on shares of NanoString Technologies in a research report on Friday, March 8th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $25.00.

NSTG opened at $26.42 on Friday. NanoString Technologies has a 12 month low of $11.12 and a 12 month high of $31.25. The company has a current ratio of 4.83, a quick ratio of 4.48 and a debt-to-equity ratio of 0.92. The firm has a market cap of $909.20 million, a PE ratio of -9.50 and a beta of 1.15. The firm has a 50 day simple moving average of $27.24.

NanoString Technologies (NASDAQ:NSTG) last posted its earnings results on Thursday, May 9th. The biotechnology company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.04). NanoString Technologies had a negative net margin of 71.94% and a negative return on equity of 166.73%. The business had revenue of $27.69 million during the quarter, compared to analyst estimates of $25.42 million. As a group, equities analysts predict that NanoString Technologies will post -2.2 EPS for the current fiscal year.

In other NanoString Technologies news, SVP David W. Ghesquiere sold 6,954 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $29.41, for a total transaction of $204,517.14. Following the completion of the transaction, the senior vice president now directly owns 44,868 shares of the company’s stock, valued at approximately $1,319,567.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Lifesciences Ii L.P. Clarus sold 2,000,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $21.62, for a total value of $43,240,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,056,954 shares of company stock valued at $44,774,017. 5.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of NSTG. Nikko Asset Management Americas Inc. boosted its stake in NanoString Technologies by 13,584.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 479,514 shares of the biotechnology company’s stock valued at $11,475,000 after purchasing an additional 476,010 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in NanoString Technologies during the 1st quarter valued at $11,221,000. Federated Investors Inc. PA boosted its stake in NanoString Technologies by 59,700.7% during the 1st quarter. Federated Investors Inc. PA now owns 360,000 shares of the biotechnology company’s stock valued at $8,615,000 after purchasing an additional 359,398 shares in the last quarter. ARK Investment Management LLC boosted its stake in NanoString Technologies by 7.3% during the 1st quarter. ARK Investment Management LLC now owns 3,476,526 shares of the biotechnology company’s stock valued at $83,193,000 after purchasing an additional 237,834 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in NanoString Technologies by 11.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,224,123 shares of the biotechnology company’s stock valued at $21,827,000 after purchasing an additional 122,908 shares in the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

NanoString Technologies Company Profile

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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