Invitae (NYSE:NVTA – Get Rating) was downgraded by research analysts at SVB Leerink from an “outperform” rating to a “market perform” rating in a report released on Tuesday, Marketbeat Ratings reports. SVB Leerink also issued estimates for Invitae’s Q3 2022 earnings at ($0.47) EPS, Q4 2022 earnings at ($0.28) EPS, FY2022 earnings at ($2.26) EPS, Q1 2023 earnings at ($0.37) EPS, Q2 2023 earnings at ($0.42) EPS, Q3 2023 earnings at ($0.41) EPS, FY2023 earnings at ($1.49) EPS and FY2024 earnings at ($0.97) EPS.
NVTA has been the subject of several other reports. The Goldman Sachs Group reduced their price target on Invitae from $14.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, April 19th. Raymond James cut their price objective on Invitae from $10.50 to $8.50 in a research note on Wednesday, May 4th. Piper Sandler initiated coverage on Invitae in a research note on Thursday, June 2nd. They issued an “underweight” rating on the stock. Finally, Benchmark downgraded Invitae from a “buy” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Invitae has a consensus rating of “Hold” and a consensus target price of $14.36.
Invitae Stock Down 6.3 %
Shares of Invitae stock opened at $2.67 on Tuesday. The firm has a market cap of $612.20 million, a price-to-earnings ratio of -0.82 and a beta of 2.03. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.14 and a quick ratio of 5.88. Invitae has a 52-week low of $2.08 and a 52-week high of $32.93. The stock has a 50-day simple moving average of $3.04 and a 200-day simple moving average of $6.86.
Invitae (NYSE:NVTA – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The medical research company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.01). The firm had revenue of $123.70 million for the quarter, compared to analyst estimates of $129.31 million. Invitae had a negative net margin of 148.62% and a negative return on equity of 24.48%. The firm’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.63) earnings per share. On average, equities research analysts expect that Invitae will post -2.77 earnings per share for the current fiscal year.
Insider Transactions at Invitae
In other news, CAO Robert F. Werner sold 7,356 shares of the company’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $3.81, for a total transaction of $28,026.36. Following the completion of the transaction, the chief accounting officer now directly owns 204,655 shares of the company’s stock, valued at $779,735.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Robert F. Werner sold 7,356 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $3.81, for a total transaction of $28,026.36. Following the transaction, the chief accounting officer now owns 204,655 shares in the company, valued at $779,735.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Kenneth D. Knight sold 28,295 shares of the firm’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $3.81, for a total value of $107,803.95. Following the transaction, the chief operating officer now owns 518,895 shares in the company, valued at approximately $1,976,989.95. The disclosure for this sale can be found here. Insiders sold a total of 79,833 shares of company stock worth $303,038 over the last 90 days. 1.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the business. ARK Investment Management LLC raised its holdings in Invitae by 3.6% during the 2nd quarter. ARK Investment Management LLC now owns 28,668,950 shares of the medical research company’s stock valued at $105,215,000 after acquiring an additional 986,724 shares during the period. Vanguard Group Inc. boosted its position in Invitae by 0.4% during the first quarter. Vanguard Group Inc. now owns 19,515,586 shares of the medical research company’s stock valued at $155,540,000 after buying an additional 69,702 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Invitae by 10.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,998,453 shares of the medical research company’s stock valued at $290,106,000 after buying an additional 1,873,864 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in shares of Invitae by 10.9% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 18,998,453 shares of the medical research company’s stock worth $292,576,000 after purchasing an additional 1,873,864 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Invitae by 34.4% during the fourth quarter. Canada Pension Plan Investment Board now owns 3,820,054 shares of the medical research company’s stock worth $58,332,000 after purchasing an additional 977,406 shares during the period. 91.87% of the stock is owned by institutional investors.
About Invitae
Invitae Corporation, a medical genetics company, integrates genetic information into mainstream medicine to improve healthcare of people in the United States, Canada, and internationally. The company offers genetic tests in various clinical areas, including hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases; digital health solutions; and health data services.