Signal Genetics’ (MGEN) “Buy” Rating Reiterated at Chardan Capital
Chardan Capital reaffirmed their buy rating on shares of Signal Genetics, Inc. (NASDAQ:MGEN) in a research note published on Monday. They currently have a $29.00 price target on the medical research company’s stock.
“We see 6 positives in the MRG-106 oral presentation at EORTC The MRG-106 oral presentation at EORTC shows promising signals on the mycosis fungoides form of CTCL. On Saturday, October 13th, at the European Organisation for Research and Treatment of Cancer (EORTC) Global Task Force meeting, miRagen Therapeutics presented new interim phase I data of microRNA-155 inhibitor, MRG-106, in the mycosis fungoides (MF) form of cutaneous t-cell lymphoma (CTCL). The results showed 22/23 (96%) of MRG-106-treated patients had improvements in skin disease, when treated with either subcutaneous (subQ) or intravenous MRG-106, as measured by the maximal change in the modified Severity Weighted Assessment Tool (mSWAT) score, which measures the severity of skin disease over a patient’s body.”,” the firm’s analyst wrote.
Several other equities research analysts have also recently issued reports on MGEN. Zacks Investment Research upgraded Signal Genetics from a hold rating to a buy rating and set a $11.00 price objective on the stock in a report on Tuesday, August 15th. Wedbush restated a buy rating on shares of Signal Genetics in a report on Friday, August 18th. Finally, ValuEngine upgraded Signal Genetics from a sell rating to a hold rating in a report on Tuesday, June 27th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $18.67.
Signal Genetics (NASDAQ:MGEN) opened at 9.02 on Monday. The firm’s market cap is $193.78 million. The firm’s 50-day moving average price is $9.17 and its 200-day moving average price is $11.07. Signal Genetics has a 1-year low of $0.12 and a 1-year high of $18.00.
Signal Genetics (NASDAQ:MGEN) last announced its earnings results on Friday, August 11th. The medical research company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.13. The firm had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.46 million. Signal Genetics had a negative return on equity of 92.62% and a negative net margin of 770.31%. On average, equities research analysts anticipate that Signal Genetics will post ($1.52) earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of the company. FMR LLC acquired a new stake in shares of Signal Genetics during the first quarter worth $38,874,000. Goldman Sachs Group Inc. acquired a new position in Signal Genetics in the first quarter valued at $807,000. Finally, HighTower Advisors LLC acquired a new position in Signal Genetics in the first quarter valued at $471,000. Institutional investors and hedge funds own 20.66% of the company’s stock.
Signal Genetics Company Profile
Signal Genetics, Inc is a commercial stage, molecular genetic diagnostic company. The Company is focused on providing diagnostic services that help physicians to make decisions concerning the care of cancer patients. The Company’s diagnostic service is the Myeloma Prognostic Risk Signature (MyPRS) test.
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