Invitae (NYSE:NVTA) Downgraded to Sell at StockNews.com

StockNews.com cut shares of Invitae (NYSE:NVTA) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

A number of other brokerages have also issued reports on NVTA. Piper Sandler cut their target price on Invitae to $1.50 and set an underweight rating on the stock in a research report on Tuesday, August 15th. The Goldman Sachs Group dropped their price target on shares of Invitae from $1.50 to $1.00 and set a sell rating for the company in a research note on Friday, July 21st. Finally, Raymond James downgraded shares of Invitae from a market perform rating to an underperform rating in a research note on Monday, May 15th. Four investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat.com, Invitae currently has a consensus rating of Reduce and a consensus target price of $2.08.

Invitae Stock Down 7.7 %

Shares of NYSE NVTA opened at $0.89 on Tuesday. The firm has a market cap of $238.12 million, a price-to-earnings ratio of -0.28 and a beta of 1.70. The company has a quick ratio of 2.83, a current ratio of 2.97 and a debt-to-equity ratio of 15.68. Invitae has a 52-week low of $0.79 and a 52-week high of $4.20. The business’s 50 day moving average is $1.15 and its two-hundred day moving average is $1.29.

Invitae (NYSE:NVTA) last announced its earnings results on Tuesday, August 8th. The medical research company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.07. The company had revenue of $120.53 million for the quarter, compared to analyst estimates of $121.19 million. Invitae had a negative return on equity of 6,100.71% and a negative net margin of 161.92%. Research analysts predict that Invitae will post -1.41 EPS for the current year.

Hedge Funds Weigh In On Invitae

Several institutional investors have recently modified their holdings of the business. Cetera Investment Advisers acquired a new position in shares of Invitae during the first quarter worth $82,000. Bridgefront Capital LLC acquired a new position in shares of Invitae during the first quarter worth $101,000. Captrust Financial Advisors grew its stake in shares of Invitae by 501.1% during the second quarter. Captrust Financial Advisors now owns 14,396 shares of the medical research company’s stock worth $35,000 after purchasing an additional 12,001 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Invitae during the fourth quarter worth $28,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Invitae during the first quarter worth $126,000. Institutional investors and hedge funds own 61.28% of the company’s stock.

About Invitae

Invitae Corporation, a medical genetics company, that provides genetic information to improve healthcare of people in the United States, Canada, and internationally. The company offers genetic tests in various clinical areas, including hereditary cancer, precision oncology, women's health, rare diseases, and pharmacogenomics; digital health solutions; and health data services.