Invitae (NYSE:NVTA) Trading 9.5% Higher

Invitae Co. (NYSE:NVTAGet Rating)’s stock price traded up 9.5% during mid-day trading on Wednesday . The stock traded as high as $3.32 and last traded at $3.22. 200,094 shares changed hands during trading, a decline of 98% from the average session volume of 9,946,223 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Invitae in a report on Wednesday, August 24th. They set an “underperform” rating for the company. Cowen downgraded shares of Invitae from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 26th. LADENBURG THALM/SH SH downgraded Invitae from a “buy” rating to a “neutral” rating in a report on Wednesday, July 20th. Benchmark downgraded Invitae from a “buy” rating to a “hold” rating in a report on Tuesday, July 19th. Finally, StockNews.com upgraded Invitae to a “sell” rating in a report on Thursday, September 1st. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.56.

Invitae Stock Down 7.6 %

The company has a quick ratio of 6.07, a current ratio of 6.42 and a debt-to-equity ratio of 4.12. The firm has a market cap of $602.28 million, a P/E ratio of -0.19 and a beta of 1.58. The stock’s 50-day simple moving average is $3.13 and its 200 day simple moving average is $4.33.

Invitae (NYSE:NVTAGet Rating) last issued its quarterly earnings results on Tuesday, August 9th. The medical research company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.06. The business had revenue of $136.62 million for the quarter, compared to analysts’ expectations of $137.47 million. Invitae had a negative net margin of 620.70% and a negative return on equity of 29.91%. As a group, research analysts forecast that Invitae Co. will post -2.45 EPS for the current fiscal year.

Insider Buying and Selling at Invitae

In other Invitae news, Director Sean E. George sold 22,085 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $4.55, for a total transaction of $100,486.75. Following the sale, the director now owns 788,656 shares of the company’s stock, valued at $3,588,384.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Thomas Brida sold 7,048 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $4.55, for a total transaction of $32,068.40. Following the transaction, the insider now owns 386,267 shares of the company’s stock, valued at approximately $1,757,514.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sean E. George sold 22,085 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $4.55, for a total transaction of $100,486.75. Following the transaction, the director now directly owns 788,656 shares in the company, valued at approximately $3,588,384.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,735 shares of company stock valued at $152,009. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Invitae

A number of institutional investors and hedge funds have recently made changes to their positions in NVTA. Alyeska Investment Group L.P. bought a new position in shares of Invitae during the 1st quarter worth about $8,369,000. Renaissance Technologies LLC acquired a new stake in shares of Invitae in the 1st quarter worth about $8,279,000. State of Michigan Retirement System raised its holdings in shares of Invitae by 1,190.3% in the 2nd quarter. State of Michigan Retirement System now owns 1,095,950 shares of the medical research company’s stock worth $2,674,000 after acquiring an additional 1,011,011 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Invitae by 3.6% in the 2nd quarter. ARK Investment Management LLC now owns 28,668,950 shares of the medical research company’s stock worth $105,215,000 after acquiring an additional 986,724 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Invitae by 34.4% in the 4th quarter. Canada Pension Plan Investment Board now owns 3,820,054 shares of the medical research company’s stock worth $58,332,000 after acquiring an additional 977,406 shares during the last quarter. Institutional investors own 88.27% 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.

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