Morgan Stanley Raises NanoString Technologies (NSTG) Price Target to $18.00

NanoString Technologies (NASDAQ:NSTG) had its price target increased by Morgan Stanley from $17.00 to $18.00 in a research note released on Wednesday. They currently have an equal weight rating on the biotechnology company’s stock.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of NanoString Technologies from a hold rating to a buy rating and set a $19.00 price objective on the stock in a report on Thursday, October 4th. BidaskClub cut shares of NanoString Technologies from a strong-buy rating to a buy rating in a report on Saturday, September 15th. UBS Group initiated coverage on shares of NanoString Technologies in a report on Tuesday. They set a buy rating and a $23.00 price objective on the stock. ValuEngine raised shares of NanoString Technologies from a hold rating to a buy rating in a report on Thursday, August 30th. Finally, Robert W. Baird raised their price objective on shares of NanoString Technologies from $15.00 to $18.00 and gave the stock an outperform rating in a report on Tuesday, September 11th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. NanoString Technologies currently has a consensus rating of Buy and a consensus target price of $19.60.

NanoString Technologies stock traded down $0.08 during trading on Wednesday, reaching $15.76. The stock had a trading volume of 199,418 shares, compared to its average volume of 247,306. NanoString Technologies has a 52-week low of $5.87 and a 52-week high of $18.86. The company has a quick ratio of 2.01, a current ratio of 2.49 and a debt-to-equity ratio of 5.77. The company has a market capitalization of $531.12 million, a P/E ratio of -8.57 and a beta of 0.46.

NanoString Technologies (NASDAQ:NSTG) last released its quarterly earnings data on Tuesday, August 7th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.09). NanoString Technologies had a negative return on equity of 201.90% and a negative net margin of 54.34%. The company had revenue of $25.00 million for the quarter, compared to analyst estimates of $25.10 million. As a group, research analysts anticipate that NanoString Technologies will post -2.61 earnings per share for the current fiscal year.

In other news, Director Nicholas Galakatos sold 85,823 shares of NanoString Technologies stock in a transaction on Monday, September 17th. The shares were sold at an average price of $15.99, for a total value of $1,372,309.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Mary Tedd Allen sold 26,895 shares of NanoString Technologies stock in a transaction on Monday, October 1st. The shares were sold at an average price of $17.60, for a total transaction of $473,352.00. The disclosure for this sale can be found here. 20.90% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of NanoString Technologies by 3,422.3% in the 1st quarter. JPMorgan Chase & Co. now owns 156,214 shares of the biotechnology company’s stock valued at $1,173,000 after acquiring an additional 151,779 shares during the period. ARK Investment Management LLC increased its stake in NanoString Technologies by 17.5% in the 2nd quarter. ARK Investment Management LLC now owns 2,625,472 shares of the biotechnology company’s stock valued at $35,916,000 after buying an additional 391,070 shares during the period. Algert Global LLC increased its stake in NanoString Technologies by 8.4% in the 2nd quarter. Algert Global LLC now owns 222,902 shares of the biotechnology company’s stock valued at $3,049,000 after buying an additional 17,290 shares during the period. Platinum Investment Management Ltd. increased its stake in NanoString Technologies by 66.0% in the 1st quarter. Platinum Investment Management Ltd. now owns 200,800 shares of the biotechnology company’s stock valued at $1,508,000 after buying an additional 79,800 shares during the period. Finally, Metropolitan Life Insurance Co. NY acquired a new position in NanoString Technologies in the 2nd quarter valued at $108,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

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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