Maxim Group analyst Jason McCarthy maintained a Hold rating on Cancer Genetics (CGIX) today. The company’s shares opened today at $0.45, close to its 52-week low of $0.30.
McCarthy wrote:
“Cancer Genetics (CGI) reported 3Q18 with revenues of $5.9M, down 16% sequentially from $7.0M in 2Q18. The company also saw a reduced gross margin of 22% compared to 31% in the prior quarter. Operating Expenses were ~$9.3M, this includes $2.3M in costs from the ongoing restructuring plan and the NovellusDx merger. These factors led to a net loss of ($8.5M). The company reported a cash balance of $1.2M. Our focus on CGI remains implementing the restructuring program to try to position the company to return to growth across the clinical, biopharma and discovery services. We also remain concerned regarding capital needs, which CGI is working to address. The NovellusDx merger, which is on track to close in early 2019, is expected to bring in an additional $10M through an equity investment. More details are below; maintain Hold.”
According to TipRanks.com, McCarthy has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.5% and a 33.1% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
Cancer Genetics has an analyst consensus of Moderate Buy, with a price target consensus of $3.
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The company has a one-year high of $2.75 and a one-year low of $0.30. Currently, Cancer Genetics has an average volume of 158.8K.
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Cancer Genetics, Inc. engages in the development, commercialization, and sale of molecular and biomarker-based tests and services. Through its Select One Clinical Trials program, the firm provides a range of clinical trial services for both oncology and non-oncology genetic testing such as bioinformatics, biomaker solutions, biorepository solutions, consulting, cytogenetics testing, nucleic acid extraction and purification, flow cytometry, Focus::NGS Panel, gene expression analyses, genotyping, and pharmacogenomics. The company was founded by Raju S. K. Chaganti on April 8, 1999 and is headquartered in Rutherford, NJ.
