Zacks Investment Research upgraded shares of InVitae Corp (NASDAQ:NVTA) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. The brokerage currently has $11.00 target price on the medical research company’s stock.
According to Zacks, “Invitae Corporation is engaged in genetic diagnostics for hereditary disorders which include breast, colon and pancreatic cancer. It operates primarily in the United States, Israel and internationally. Invitae Corporation is headquartered in San Francisco, California. “
NVTA has been the subject of a number of other research reports. BidaskClub cut InVitae Corp from a hold rating to a sell rating in a research note on Wednesday, September 20th. J P Morgan Chase & Co reissued an overweight rating and issued a $15.00 price objective (up previously from $14.00) on shares of InVitae Corp in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the stock. InVitae Corp currently has an average rating of Buy and an average target price of $13.50.
InVitae Corp (NASDAQ:NVTA) traded down 1.91% during trading on Wednesday, reaching $9.76. The company’s stock had a trading volume of 168,037 shares. The company’s 50-day moving average is $9.39 and its 200-day moving average is $9.39. InVitae Corp has a 12 month low of $5.76 and a 12 month high of $11.88. The stock’s market cap is $424.99 million.
InVitae Corp (NASDAQ:NVTA) last announced its quarterly earnings data on Monday, August 7th. The medical research company reported ($0.66) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.64) by ($0.02). InVitae Corp had a negative net margin of 199.20% and a negative return on equity of 153.27%. The firm had revenue of $14.34 million during the quarter, compared to analyst estimates of $13.31 million. During the same period last year, the business posted ($0.77) EPS. The company’s revenue was up 157.0% on a year-over-year basis. Equities analysts expect that InVitae Corp will post ($2.35) EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in InVitae Corp by 0.6% in the first quarter. Wellington Management Group LLP now owns 3,974,227 shares of the medical research company’s stock valued at $43,955,000 after acquiring an additional 25,100 shares during the period. Vanguard Group Inc. boosted its position in shares of InVitae Corp by 9.7% during the second quarter. Vanguard Group Inc. now owns 1,323,137 shares of the medical research company’s stock valued at $12,649,000 after buying an additional 116,871 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of InVitae Corp by 30.4% during the second quarter. ARK Investment Management LLC now owns 982,170 shares of the medical research company’s stock valued at $9,390,000 after buying an additional 229,189 shares during the last quarter. State Street Corp boosted its position in shares of InVitae Corp by 43.1% during the second quarter. State Street Corp now owns 577,978 shares of the medical research company’s stock valued at $5,528,000 after buying an additional 174,016 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of InVitae Corp by 39.0% during the second quarter. Northern Trust Corp now owns 433,113 shares of the medical research company’s stock valued at $4,140,000 after buying an additional 121,409 shares during the last quarter.
About InVitae Corp
Invitae Corporation utilizes an integrated portfolio of laboratory processes, software tools and informatics capabilities to process deoxyribonucleic acid (DNA)-containing samples, analyze information about patient-specific genetic variation and generate test reports for clinicians and their patients.
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