Chardan Capital Reaffirms Buy Rating for Signal Genetics, Inc. (MGEN)

Signal Genetics, Inc. (NASDAQ:MGEN)‘s stock had its “buy” rating reissued by equities researchers at Chardan Capital in a note issued to investors on Tuesday, July 25th. They presently have a $26.00 price objective on the medical research company’s stock. Chardan Capital’s price target would suggest a potential upside of 124.91% from the stock’s current price.

A number of other analysts have also issued reports on MGEN. ValuEngine raised shares of Signal Genetics from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Cowen and Company began coverage on shares of Signal Genetics in a research note on Thursday, June 1st. They set an “outperform” rating for the company. Wedbush reissued an “outperform” rating and set a $19.00 target price on shares of Signal Genetics in a research note on Monday, April 3rd. Finally, Zacks Investment Research upgraded Signal Genetics from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Signal Genetics has an average rating of “Buy” and an average price target of $15.67.

Shares of Signal Genetics (NASDAQ:MGEN) traded up 3.96% on Tuesday, reaching $11.56. 46,008 shares of the company’s stock traded hands. The stock has a 50-day moving average of $13.35 and a 200 day moving average of $12.13. The firm’s market cap is $247.40 million. Signal Genetics has a 12-month low of $1.80 and a 12-month high of $18.00.

Signal Genetics (NASDAQ:MGEN) last issued its earnings results on Friday, August 11th. The medical research company reported ($0.34) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.47) by $0.13. The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $0.46 million. Signal Genetics had a negative net margin of 555.68% and a negative return on equity of 109.13%. On average, equities research analysts expect that Signal Genetics will post ($1.72) earnings per share for the current year.

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A number of institutional investors have recently made changes to their positions in MGEN. HighTower Advisors LLC purchased a new position in shares of Signal Genetics during the first quarter worth approximately $471,000. Dowling & Yahnke LLC purchased a new position in shares of Signal Genetics during the first quarter worth approximately $498,000. Goldman Sachs Group Inc. bought a new position in Signal Genetics during the first quarter valued at about $807,000. University of Texas Investment Managment Co. bought a new position in Signal Genetics during the first quarter valued at about $1,312,000. Finally, FMR LLC bought a new position in Signal Genetics during the first quarter valued at about $38,874,000. Institutional investors and hedge funds own 16.37% of the company’s stock.

About Signal Genetics

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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