In a report released today, Jason McCarthy from Maxim Group maintained a Hold rating on Cancer Genetics (NASDAQ: CGIX). The company’s shares opened today at $0.94, close to its 52-week low of $0.82.
McCarthy wrote:
“Cancer Genetics reported revenue of $7.0M, down sequentially (8%) and a net loss of $3.6M. CGIX ended the period with $1.6M in cash, excluding $2.5M raised in July. We expect the company to raise more capital to continue its restructuring efforts. Key takeaway: While revenue is down, management is continuing to make progress implementing the restructuring strategy that we believe over time should position CGIX to streamline its cancer testing, biopharma and discovery business and return the company to growth. As such, 2018 should be viewed as a transition year for CGIX. We maintain a Hold rating.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 11.6% and a 42.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cancer Genetics with a $3 average price target.
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Based on Cancer Genetics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.46 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.
