Maxim Group analyst Jason McCarthy maintained a Hold rating on Cancer Genetics (NASDAQ: CGIX) today. The company’s shares opened today at $1.16, close to its 52-week low of $0.82.
McCarthy said:
“Cancer Genetics announced that it has entered into a definitive merger agreement with NovellusDx (private), a leading company in functional genomics. The merger is expected to close in 1Q19, after which, the combined company will keep the name Cancer Genetics and John Roberts will remain CEO.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 13.2% and a 46.7% 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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Based on Cancer Genetics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.63 million. In comparison, last year the company had a GAAP net loss of $2.77 million.
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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.
