NanoString Technologies Inc (NASDAQ:NSTG) was the recipient of a large decline in short interest in March. As of March 29th, there was short interest totalling 961,404 shares, a decline of 28.0% from the March 15th total of 1,335,916 shares. Based on an average trading volume of 956,532 shares, the short-interest ratio is currently 1.0 days. Approximately 3.1% of the company’s stock are short sold.
Several equities analysts recently commented on the company. Zacks Investment Research raised NanoString Technologies from a “sell” rating to a “hold” rating in a research report on Saturday. BidaskClub lowered NanoString Technologies from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 14th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $35.00 price target on shares of NanoString Technologies in a research report on Friday, March 8th. Finally, ValuEngine raised NanoString Technologies from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 2nd. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $22.80.
In related news, insider R Bradley Gray sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $22.28, for a total transaction of $445,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Lifesciences Ii L.P. Clarus sold 2,000,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was 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. Insiders have sold a total of 2,088,141 shares of company stock worth $43,896,351 over the last three months. 20.90% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Rhenman & Partners Asset Management AB acquired a new position in shares of NanoString Technologies in the 1st quarter valued at approximately $2,872,000. Geode Capital Management LLC raised its position in shares of NanoString Technologies by 11.6% in the 4th quarter. Geode Capital Management LLC now owns 334,841 shares of the biotechnology company’s stock valued at $4,964,000 after purchasing an additional 34,717 shares in the last quarter. Millennium Management LLC raised its position in shares of NanoString Technologies by 51.0% in the 4th quarter. Millennium Management LLC now owns 353,432 shares of the biotechnology company’s stock valued at $5,241,000 after purchasing an additional 119,428 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of NanoString Technologies by 430.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 8,893 shares of the biotechnology company’s stock valued at $132,000 after purchasing an additional 7,218 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of NanoString Technologies by 134.9% in the 4th quarter. Squarepoint Ops LLC now owns 50,259 shares of the biotechnology company’s stock valued at $745,000 after purchasing an additional 28,859 shares in the last quarter. 87.94% of the stock is currently owned by institutional investors.
Shares of NSTG opened at $25.12 on Tuesday. NanoString Technologies has a 52-week low of $8.97 and a 52-week high of $31.14. The company has a market capitalization of $807.46 million, a price-to-earnings ratio of -9.04 and a beta of 1.30. The company has a current ratio of 3.05, a quick ratio of 2.75 and a debt-to-equity ratio of 1.58.
NanoString Technologies (NASDAQ:NSTG) last announced its earnings results on Thursday, March 7th. The biotechnology company reported ($0.68) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.18). NanoString Technologies had a negative net margin of 72.52% and a negative return on equity of 252.59%. The business had revenue of $30.03 million during the quarter. Sell-side analysts expect that NanoString Technologies will post -2.36 earnings per share for the current fiscal year.
About NanoString Technologies
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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