InVitae Corp (NYSE:NVTA) Given Average Rating of “Buy” by Brokerages

Shares of InVitae Corp (NYSE:NVTA) have been assigned an average rating of “Buy” from the eight brokerages that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $26.50.

A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th. Benchmark increased their price target on InVitae from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday. Oppenheimer assumed coverage on Focus Financial Partners in a research report on Monday, April 8th. They set an “outperform” rating and a $48.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and set a $30.00 price target on shares of InVitae in a research report on Tuesday, June 11th.

NYSE NVTA traded down $0.40 during trading hours on Tuesday, reaching $22.62. 1,214,728 shares of the company’s stock were exchanged, compared to its average volume of 1,901,049. The company has a market cap of $2.03 billion, a PE ratio of -11.66 and a beta of 2.52. InVitae has a one year low of $7.73 and a one year high of $26.77. The business’s fifty day simple moving average is $20.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 7.73 and a current ratio of 7.73.

InVitae (NYSE:NVTA) last released its quarterly earnings results on Tuesday, May 7th. The medical research company reported ($0.47) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.46) by ($0.01). The business had revenue of $40.55 million for the quarter, compared to the consensus estimate of $47.17 million. InVitae had a negative return on equity of 65.76% and a negative net margin of 81.52%. The firm’s revenue was up 46.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.66) earnings per share. On average, equities analysts forecast that InVitae will post -1.93 earnings per share for the current fiscal year.

In other InVitae news, General Counsel Thomas Brida sold 2,146 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $18.21, for a total value of $39,078.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Katherine Stueland sold 1,000 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $25.23, for a total value of $25,230.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,440 shares of company stock worth $1,641,082. 5.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in NVTA. Handelsbanken Fonder AB acquired a new stake in shares of InVitae in the 2nd quarter valued at about $7,872,000. Xact Kapitalforvaltning AB acquired a new stake in shares of InVitae in the 2nd quarter valued at about $268,000. Gilder Gagnon Howe & Co. LLC raised its stake in shares of InVitae by 11.5% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 5,530,037 shares of the medical research company’s stock valued at $129,513,000 after purchasing an additional 572,234 shares during the period. Redmile Group LLC raised its stake in shares of InVitae by 161.6% in the 1st quarter. Redmile Group LLC now owns 1,374,175 shares of the medical research company’s stock valued at $32,183,000 after purchasing an additional 848,800 shares during the period. Finally, Atika Capital Management LLC acquired a new stake in shares of InVitae in the first quarter valued at about $4,332,000. Hedge funds and other institutional investors own 78.93% 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. Its tests include genes associated with hereditary cancer, neurological disorders, cardiovascular disorders, pediatric disorders, metabolic disorders, and other hereditary conditions; and screening and testing services in reproductive health, including preimplantation and carrier screening for inherited disorders, prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders.

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Analyst Recommendations for InVitae (NYSE:NVTA)

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