Invitae (NYSE:NVTA) Shares Gap Up to $2.12

Invitae Co. (NYSE:NVTA – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $2.12, but opened at $2.19. Invitae shares last traded at $2.28, with a volume of 21,476 shares traded.

Wall Street Analyst Weigh In

NVTA has been the topic of a number of recent research reports. Cowen boosted their price objective on Invitae to $2.80 in a research note on Tuesday, November 15th. SVB Leerink upped their price target on Invitae from $2.50 to $3.00 and gave the company a “market perform” rating in a research note on Wednesday, November 9th. William Blair reaffirmed a “market perform” rating on shares of Invitae in a research note on Tuesday, November 8th. Finally, StockNews.com raised Invitae to a “sell” rating in a research note on Friday, November 18th. Four investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.04.

Invitae Price Performance

The company has a current ratio of 6.44, a quick ratio of 6.18 and a debt-to-equity ratio of 10.03. The stock has a market cap of $568.38 million, a PE ratio of -0.17 and a beta of 1.72. The company has a fifty day moving average of $2.40 and a 200-day moving average of $2.69.

Invitae (NYSE:NVTA – Get Rating) last issued its quarterly earnings results on Tuesday, November 8th. The medical research company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.17. Invitae had a negative return on equity of 39.04% and a negative net margin of 617.65%. The company had revenue of $133.54 million for the quarter, compared to the consensus estimate of $132.80 million. Sell-side analysts expect that Invitae Co. will post -2.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Invitae news, Director Sean E. George sold 44,816 shares of the company’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $2.04, for a total transaction of $91,424.64. Following the sale, the director now owns 743,840 shares in the company, valued at approximately $1,517,433.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Invitae by 18.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 872,657 shares of the medical research company’s stock valued at $2,147,000 after acquiring an additional 137,758 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of Invitae by 452.7% in the 3rd quarter. Captrust Financial Advisors now owns 16,366 shares of the medical research company’s stock valued at $40,000 after acquiring an additional 13,405 shares during the last quarter. Alphabet Inc. purchased a new position in shares of Invitae in the 3rd quarter valued at about $529,000. CreativeOne Wealth LLC increased its holdings in shares of Invitae by 27.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 98,780 shares of the medical research company’s stock valued at $243,000 after acquiring an additional 21,000 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of Invitae by 7.5% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 268,529 shares of the medical research company’s stock valued at $661,000 after acquiring an additional 18,716 shares during the last quarter. Hedge funds and other institutional investors own 76.79% of the company’s stock.

Invitae Company Profile

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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.