H.C. Wainwright Thinks Cancer Genetics’ Stock is Going to Recover


In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Cancer Genetics (NASDAQ: CGIX), with a price target of $3. The company’s shares closed on Friday at $1.03, close to its 52-week low of $0.82.

Selvaraju commented:

“We now believe that CGI may not reach sustainable profitability before 2H19. Nevertheless, the company is gradually growing sales, and we anticipate that the net loss should drop substantially starting late this year, following the implementation of additional cost management measures. We reiterate our Buy rating, while reducing our 12-month price target to $3.00 from $6.00 per share.”

According to TipRanks.com, Selvaraju has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.8% and a 39.1% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint 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 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 $9.58 million.

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Cancer Genetics, Inc. is an early-stage diagnostics company that engages in the development and commercializes proprietary genomic tests and services to improve the diagnosis, prognosis and response to treatment of cancer. Its developments include DNA-FISH Probes, CGH Microarrays and next-generation sequencing treatments. The company was founded by Raju S. K.

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