Short Interest in NanoString Technologies Inc (NSTG) Decreases By 28.0%

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.

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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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