Ignyta (RXDX): Cutting PT to $20 - Piper Jaffray
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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.
Shares of Ignyta, Inc closed at $5.78 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Joshua Schimmer
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