Ignyta (RXDX): Cutting PT to $20 - Piper Jaffray

August 10, 2016 7:47 AM EDT
Get Alerts RXDX Hot Sheet
Price: $5.48 --0%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 7
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Piper Jaffray analyst, Joshua Schimmer, reiterated his Overweight rating on shares of Ignyta, Inc (NASDAQ: RXDX) after the company reported 2Q16 results and provided updates on the major clinical programs, including its TRK/ROS1/ALK inhibitor, entrectinib.

Data updates for entrectinib and RXDX-105 are expected in 4Q16 along with an interim look at the registration, enabling a STAR-TRK2 trial in 2Q17, but he ultimately believes that sooner or later investors will come to appreciate the value in RXDX's pipeline and strategy.

Despite the analyst's positive outlook, he reduced his price target to $20 from $32 which still reflects substantial upside.

For an analyst ratings summary and ratings history on Ignyta, Inc click here. For more ratings news on Ignyta, Inc click here.

Shares of Ignyta, Inc closed at $5.78 yesterday.

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Piper Jaffray, Joshua Schimmer

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