William Blair Weighs in on Invitae Co.’s Q1 2023 Earnings (NYSE:NVTA)

Invitae Co. (NYSE:NVTAGet Rating) – William Blair issued their Q1 2023 EPS estimates for shares of Invitae in a report released on Wednesday, May 4th. William Blair analyst B. Weinstein forecasts that the medical research company will earn ($0.80) per share for the quarter. William Blair also issued estimates for Invitae’s Q2 2023 earnings at ($0.78) EPS, Q3 2023 earnings at ($0.78) EPS and Q4 2023 earnings at ($0.77) EPS.

Other equities analysts have also recently issued research reports about the stock. Raymond James cut their target price on shares of Invitae from $10.50 to $8.50 in a report on Wednesday. The Goldman Sachs Group cut their target price on shares of Invitae from $14.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. Morgan Stanley cut their target price on shares of Invitae from $37.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 15th. SVB Leerink cut their target price on shares of Invitae from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Finally, Zacks Investment Research cut Invitae from a “buy” rating to a “hold” rating in a report on Friday, February 18th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.07.

NYSE NVTA traded down $0.45 during trading hours on Friday, reaching $4.84. The company’s stock had a trading volume of 213,253 shares, compared to its average volume of 5,790,301. The company has a current ratio of 8.18, a quick ratio of 7.95 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $7.35 and a 200 day simple moving average of $13.02. Invitae has a 52 week low of $4.63 and a 52 week high of $35.51. The stock has a market cap of $1.11 billion, a PE ratio of -1.63 and a beta of 1.89.

Invitae (NYSE:NVTAGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The medical research company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.02). Invitae had a negative return on equity of 24.33% and a negative net margin of 148.62%. The firm had revenue of $123.70 million during the quarter, compared to analyst estimates of $129.31 million. During the same quarter last year, the business posted ($0.63) earnings per share. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis.

In related news, General Counsel Thomas Brida sold 17,987 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $6.69, for a total transaction of $120,333.03. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sean E. George sold 31,389 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $6.69, for a total value of $209,992.41. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,611 shares of company stock worth $499,148. Corporate insiders own 1.90% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Bourgeon Capital Management LLC acquired a new position in Invitae in the third quarter worth approximately $28,000. Concord Wealth Partners grew its position in Invitae by 179.2% in the fourth quarter. Concord Wealth Partners now owns 2,728 shares of the medical research company’s stock worth $42,000 after buying an additional 1,751 shares during the last quarter. Tyler Stone Wealth Management acquired a new position in Invitae in the fourth quarter worth approximately $42,000. AdvisorNet Financial Inc grew its position in Invitae by 47.4% in the fourth quarter. AdvisorNet Financial Inc now owns 3,000 shares of the medical research company’s stock worth $46,000 after buying an additional 965 shares during the last quarter. Finally, Montag A & Associates Inc. grew its position in Invitae by 32.1% in the third quarter. Montag A & Associates Inc. now owns 1,803 shares of the medical research company’s stock worth $51,000 after buying an additional 438 shares during the last quarter. 91.87% of the stock is currently owned by hedge funds and other institutional investors.

About Invitae (Get Rating)

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.

Further Reading

Earnings History and Estimates for Invitae (NYSE:NVTA)

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