Zacks Investment Research upgraded shares of InVitae (NYSE:NVTA) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday. The firm currently has $15.00 price target 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. “
Other research analysts have also recently issued reports about the company. Benchmark initiated coverage on InVitae in a research report on Tuesday, November 20th. They issued a buy rating and a $17.00 target price for the company. William Blair reaffirmed a market perform rating on shares of InVitae in a research report on Thursday, November 8th. CIBC initiated coverage on InVitae in a research report on Wednesday, December 19th. They issued an outperform rating for the company. Oppenheimer initiated coverage on InVitae in a research report on Wednesday, December 19th. They issued an outperform rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on InVitae to $16.00 and gave the stock an overweight rating in a research report on Thursday, November 8th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $15.60.
Shares of NVTA traded down $0.16 during trading hours on Thursday, reaching $14.09. The company’s stock had a trading volume of 677,939 shares, compared to its average volume of 1,248,100. InVitae has a 1-year low of $4.35 and a 1-year high of $18.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.90 and a quick ratio of 3.90. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -5.32 and a beta of 1.90.
InVitae (NYSE:NVTA) last issued its earnings results on Wednesday, November 7th. The medical research company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.02. The firm had revenue of $37.37 million during the quarter, compared to analysts’ expectations of $34.80 million. InVitae had a negative return on equity of 103.37% and a negative net margin of 109.60%. InVitae’s quarterly revenue was up 105.9% compared to the same quarter last year. During the same period last year, the business earned ($0.57) earnings per share. Equities research analysts expect that InVitae will post -1.97 earnings per share for the current fiscal year.
In other InVitae news, Director Eric Aguiar sold 10,000 shares of the stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $13.50, for a total transaction of $135,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patty Dumond sold 2,000 shares of the firm’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $12.90, for a total value of $25,800.00. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock valued at $172,240 over the last quarter. Corporate insiders own 8.70% of the company’s stock.
Several large investors have recently made changes to their positions in NVTA. Gilder Gagnon Howe & Co. LLC bought a new position in InVitae during the third quarter worth about $68,841,000. BlackRock Inc. lifted its stake in InVitae by 76.7% in the 2nd quarter. BlackRock Inc. now owns 4,816,353 shares of the medical research company’s stock valued at $35,400,000 after acquiring an additional 2,090,818 shares in the last quarter. Teachers Advisors LLC increased its position in shares of InVitae by 497.7% during the 3rd quarter. Teachers Advisors LLC now owns 622,681 shares of the medical research company’s stock worth $10,417,000 after purchasing an additional 518,499 shares during the last quarter. Millennium Management LLC increased its position in shares of InVitae by 694.6% during the 2nd quarter. Millennium Management LLC now owns 536,056 shares of the medical research company’s stock worth $3,940,000 after purchasing an additional 468,596 shares during the last quarter. Finally, ARK Investment Management LLC increased its position in shares of InVitae by 4.0% during the 3rd quarter. ARK Investment Management LLC now owns 9,170,156 shares of the medical research company’s stock worth $153,417,000 after purchasing an additional 355,929 shares during the last quarter. Institutional investors own 75.42% of the company’s stock.
InVitae Company Profile
Invitae Corporation, a genetic information company, processes DNA-containing samples, analyzes information related to patient-specific genetic variation, and generates test reports for clinicians and their patients in the United States, Canada, and internationally. The company's tests include multiple genes associated with hereditary cancer, neurological disorders, cardiovascular disorders, pediatric disorders, metabolic disorders, and other hereditary conditions; proactive health and wellness screening; and preimplantation embryo testing and carrier screening for inherited disorders, prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders.
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