Short Interest in NanoString Technologies Inc (NSTG) Decreases By 28.0%

NanoString Technologies Inc (NASDAQ:NSTG) was the target of a large decline in short interest during the month of March. As of March 29th, there was short interest totalling 961,404 shares, a decline of 28.0% from the March 15th total of 1,335,916 shares. Based on an average daily trading volume, of 956,532 shares, the days-to-cover ratio is currently 1.0 days. Currently, 3.1% of the shares of the stock are short sold.

Several research firms have recently issued reports on NSTG. Zacks Investment Research downgraded NanoString Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, March 12th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $35.00 price target on shares of NanoString Technologies in a research note on Friday, March 8th. BidaskClub downgraded NanoString Technologies from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 14th. Finally, ValuEngine raised NanoString Technologies from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 2nd. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $22.80.

In other news, SVP Mary Tedd Allen sold 5,000 shares of NanoString Technologies stock in a transaction on Monday, February 4th. The stock was sold at an average price of $22.57, for a total transaction of $112,850.00. Following the completion of the transaction, the senior vice president now owns 30,789 shares of the company’s stock, valued at approximately $694,907.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Lifesciences Ii L.P. Clarus sold 2,000,000 shares of NanoString Technologies stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $21.62, for a total value of $43,240,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,088,141 shares of company stock valued at $43,896,351 in the last ninety days. Corporate insiders own 20.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc raised its stake in NanoString Technologies by 28.4% in the 3rd quarter. Legal & General Group Plc now owns 3,800 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 840 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in NanoString Technologies by 430.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 8,893 shares of the biotechnology company’s stock valued at $132,000 after purchasing an additional 7,218 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new position in NanoString Technologies in the 4th quarter valued at about $151,000. AQR Capital Management LLC acquired a new position in NanoString Technologies in the 3rd quarter valued at about $294,000. Finally, MetLife Investment Advisors LLC raised its stake in NanoString Technologies by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 17,579 shares of the biotechnology company’s stock valued at $313,000 after purchasing an additional 6,249 shares during the last quarter. 87.94% of the stock is owned by hedge funds and other institutional investors.

Shares of NSTG stock opened at $25.12 on Tuesday. NanoString Technologies has a twelve month low of $8.97 and a twelve month high of $31.14. The stock has a market capitalization of $807.46 million, a P/E ratio of -9.04 and a beta of 1.30. The company has a debt-to-equity ratio of 1.58, a current ratio of 3.05 and a quick ratio of 2.75.

NanoString Technologies (NASDAQ:NSTG) last announced its earnings results on Thursday, March 7th. The biotechnology company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.18). NanoString Technologies had a negative net margin of 72.52% and a negative return on equity of 252.59%. The firm had revenue of $30.03 million during the quarter. On average, analysts expect that NanoString Technologies will post -2.36 EPS for the current year.

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About NanoString Technologies

NanoString Technologies, Inc provides life science tools for translational research and molecular diagnostic products worldwide. The company offers nCounter Analysis System, an automated, multi-application, digital detection, and counting system. It provides nCounter MAX and FLEX systems that include Prep Station, an automated liquid handling component that processes and prepares samples for data collection; and nCounter Digital Analyzer, which collects data from samples by taking images of the immobilized fluorescent reporters in the sample cartridge and processing the data into output files.

See Also: Systematic Risk

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