A number of other equities analysts have also recently weighed in on NVTA. The Goldman Sachs Group cut their price target on Invitae from $1.50 to $1.00 and set a sell rating for the company in a report on Friday, July 21st. Piper Sandler decreased their target price on shares of Invitae to $1.50 and set an underweight rating on the stock in a research report on Tuesday, August 15th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Invitae has an average rating of Hold and a consensus target price of $2.08.
Invitae Trading Down 6.4 %
Invitae (NYSE:NVTA – Get Free Report) last issued its quarterly earnings data on Tuesday, August 8th. The medical research company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.07. Invitae had a negative return on equity of 6,100.71% and a negative net margin of 161.92%. The firm had revenue of $120.53 million during the quarter, compared to analysts’ expectations of $121.19 million. As a group, sell-side analysts anticipate that Invitae will post -1.41 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Invitae
A number of large investors have recently bought and sold shares of NVTA. ARK Investment Management LLC grew its stake in shares of Invitae by 15.7% during the 1st quarter. ARK Investment Management LLC now owns 31,331,341 shares of the medical research company’s stock valued at $42,297,000 after buying an additional 4,258,497 shares during the period. Renaissance Technologies LLC grew its position in Invitae by 1,574.2% during the second quarter. Renaissance Technologies LLC now owns 2,017,082 shares of the medical research company’s stock valued at $2,279,000 after acquiring an additional 1,896,600 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Invitae during the first quarter worth about $8,369,000. Squarepoint Ops LLC increased its stake in Invitae by 314.0% during the first quarter. Squarepoint Ops LLC now owns 1,327,210 shares of the medical research company’s stock worth $1,792,000 after acquiring an additional 1,006,619 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in shares of Invitae by 449.1% in the 4th quarter. Panagora Asset Management Inc. now owns 793,004 shares of the medical research company’s stock worth $1,475,000 after purchasing an additional 648,578 shares during the period. Hedge funds and other institutional investors own 61.28% of the company’s stock.
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.
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