Janney Montgomery Downgrades NanoString Tech to Hold

By Jason Carr

In a report released today, Paul Knight from Janney Montgomery downgraded NanoString Tech (NASDAQ: NSTG) to Hold. The company’s shares closed yesterday at $15.66.

According to TipRanks.com, Knight is a 3-star analyst with an average return of 6.7% and a 62.5% success rate. Knight covers the Healthcare sector, focusing on stocks such as Bio-Techne Corporation, Bio-Rad Laboratories, and Foundation Medicine.

Currently, the analyst consensus on NanoString Tech is Moderate Buy and the average price target is $23, representing a 46.9% upside.

In a report released today, Cowen & Co. also downgraded the stock to Hold.

Based on NanoString Tech’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $34.59 million and GAAP net loss of $4.56 million. In comparison, last year the company earned revenue of $23.93 million and had a GAAP net loss of $10.09 million.

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NSTG in relation to earlier this year. Most recently, in August 2017, Bradley Gray, the President & CEO of NSTG bought 41,926 shares for a total of $126,924.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

NanoString Technologies, Inc. provides life science tools for translational research and molecular diagnostic products. It specializes in the development, manufacture, and sale of biologic information from minute amounts of tissue.