Shares of Invitae Co. (NYSE:NVTA – Get Rating) gapped up before the market opened on Wednesday after SVB Leerink raised their price target on the stock from $2.50 to $3.00. The stock had previously closed at $2.35, but opened at $2.43. SVB Leerink currently has a market perform rating on the stock. Invitae shares last traded at $3.00, with a volume of 211,821 shares trading hands.
Several other brokerages also recently weighed in on NVTA. JPMorgan Chase & Co. downgraded Invitae from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 10th. Benchmark downgraded Invitae from a “buy” rating to a “hold” rating in a report on Tuesday, July 19th. Cowen downgraded Invitae from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 26th. LADENBURG THALM/SH SH downgraded Invitae from a “buy” rating to a “neutral” rating in a report on Wednesday, July 20th. Finally, Credit Suisse Group began coverage on Invitae in a research note on Wednesday, August 24th. They issued an “underperform” rating on the stock. Four research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.81.
Insider Buying and Selling at Invitae
In other Invitae news, insider Thomas Brida sold 7,048 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $4.55, for a total transaction of $32,068.40. Following the sale, the insider now owns 386,267 shares of the company’s stock, valued at approximately $1,757,514.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Thomas Brida sold 7,048 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $4.55, for a total value of $32,068.40. Following the completion of the sale, the insider now owns 386,267 shares of the company’s stock, valued at approximately $1,757,514.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean E. George sold 22,085 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $4.55, for a total value of $100,486.75. Following the completion of the sale, the director now directly owns 788,656 shares of the company’s stock, valued at approximately $3,588,384.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,735 shares of company stock valued at $152,009. 1.10% of the stock is currently owned by corporate insiders.
Institutional Trading of Invitae
Institutional investors have recently made changes to their positions in the business. Resources Investment Advisors LLC. purchased a new position in Invitae in the 3rd quarter worth $39,000. Apollon Wealth Management LLC purchased a new position in Invitae in the 3rd quarter worth $55,000. New York State Common Retirement Fund raised its stake in Invitae by 17.5% in the 3rd quarter. New York State Common Retirement Fund now owns 164,701 shares of the medical research company’s stock worth $405,000 after acquiring an additional 24,500 shares during the last quarter. Longitude Cayman Ltd. raised its stake in Invitae by 58.3% in the 3rd quarter. Longitude Cayman Ltd. now owns 380,000 shares of the medical research company’s stock worth $935,000 after acquiring an additional 140,000 shares during the last quarter. Finally, D.A. Davidson & CO. raised its stake in Invitae by 10.1% in the 3rd quarter. D.A. Davidson & CO. now owns 63,983 shares of the medical research company’s stock worth $157,000 after acquiring an additional 5,851 shares during the last quarter. Institutional investors and hedge funds own 88.27% of the company’s stock.
Invitae Price Performance
The company has a market cap of $679.93 million, a PE ratio of -0.22 and a beta of 1.59. The company has a debt-to-equity ratio of 4.12, a quick ratio of 6.07 and a current ratio of 6.42. The stock has a 50 day moving average of $2.66 and a 200-day moving average of $3.10.
Invitae (NYSE:NVTA – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The medical research company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.06. The business had revenue of $136.62 million during the quarter, compared to analyst estimates of $137.47 million. Invitae had a negative return on equity of 29.91% and a negative net margin of 620.70%. Equities analysts predict that Invitae Co. will post -2.62 earnings per share for the current year.
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.