InVitae (NYSE:NVTA) Shares Gap Down to $24.35

InVitae Corp (NYSE:NVTA) shares gapped down before the market opened on Thursday . The stock had previously closed at $23.20, but opened at $24.35. InVitae shares last traded at $24.68, with a volume of 885,987 shares changing hands.

A number of brokerages have recently issued reports on NVTA. Oppenheimer set a $34.00 price target on InVitae and gave the company a “buy” rating in a research report on Wednesday, August 7th. Leerink Swann set a $31.00 price target on InVitae and gave the company a “buy” rating in a research report on Wednesday, August 7th. Benchmark reiterated a “buy” rating and set a $28.00 price target (up previously from $26.00) on shares of InVitae in a research report on Wednesday, August 7th. Chardan Capital restated a “buy” rating and issued a $30.00 target price on shares of InVitae in a research report on Tuesday, June 11th. Finally, Zacks Investment Research downgraded InVitae from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $28.17.

The stock has a 50-day moving average of $24.54 and a two-hundred day moving average of $21.51. The company has a market cap of $2.34 billion, a P/E ratio of -12.66 and a beta of 2.53. The company has a debt-to-equity ratio of 0.36, a quick ratio of 7.18 and a current ratio of 7.18.

InVitae (NYSE:NVTA) last released its earnings results on Tuesday, August 6th. The medical research company reported ($0.54) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($0.06). The firm had revenue of $53.48 million during the quarter, compared to the consensus estimate of $50.17 million. InVitae had a negative return on equity of 58.48% and a negative net margin of 83.69%. The business’s quarterly revenue was up 43.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.47) EPS. As a group, sell-side analysts forecast that InVitae Corp will post -2.11 EPS for the current fiscal year.

In other InVitae news, insider Robert L. Nussbaum sold 7,202 shares of InVitae stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $18.21, for a total value of $131,148.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Katherine Stueland sold 3,789 shares of InVitae stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $22.49, for a total value of $85,214.61. The disclosure for this sale can be found here. Insiders sold a total of 87,572 shares of company stock valued at $1,595,248 in the last 90 days. 5.70% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC bought a new stake in InVitae in the second quarter worth $23,901,000. Victory Capital Management Inc. boosted its holdings in InVitae by 61.1% in the second quarter. Victory Capital Management Inc. now owns 1,928,655 shares of the medical research company’s stock worth $45,323,000 after acquiring an additional 731,720 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in InVitae by 66.9% in the second quarter. UBS Asset Management Americas Inc. now owns 63,623 shares of the medical research company’s stock worth $1,495,000 after acquiring an additional 25,502 shares in the last quarter. Morgan Stanley boosted its holdings in InVitae by 0.4% in the second quarter. Morgan Stanley now owns 574,690 shares of the medical research company’s stock worth $13,504,000 after acquiring an additional 2,336 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in InVitae by 237.2% in the second quarter. AQR Capital Management LLC now owns 299,108 shares of the medical research company’s stock worth $7,029,000 after acquiring an additional 210,398 shares in the last quarter. 90.90% of the stock is currently owned by institutional investors and hedge funds.

About InVitae (NYSE:NVTA)

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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