Why is Nanostring Technologies Inc (NSTG) Stock down?

20 Nov, 2023:

Nanostring Technologies Stock (NSTG) dropped by 50.00% from $1.28 to $0.64 in the trading on Monday November 20, 2023. The reasons why NSTG stock down today include:

  • Legal setback over a patent dispute: 10x Genomics (TXG) said that jurors in a Delaware federal court ordered NanoString (NSTG) to pay $31M in damages after finding that the latter's GeoMx Digital Spatial Profiler products for RNA and protein detection infringed seven of its patents.
  • Guidance withdrawal: Citing an ongoing review of the setback, the company said in a statement on Sunday it will withdraw full-year 2023 and fourth-quarter financial guidance. However, NanoString disagreed with the ruling and said it would appeal at the U.S. Court of Appeals for the Federal Circuit.
  • Stock downgrade: TD Cowen downgrades NanoString to Market Perform from Outperform, reducing the price target to $1.40 from $6 per share. Analyst Dan Brennan cites concerns over patent losses and pending case decisions, anticipating a challenging path for NanoString's future amid increased competition and a large debt balance.
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