InVitae Corp (NYSE:NVTA) gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $9.00. The stock had previously closed at $6.23, but opened at $6.09. JPMorgan Chase & Co. currently has an overweight rating on the stock. InVitae shares last traded at $6.18, with a volume of 321449 shares traded.

Other equities research analysts also recently issued reports about the stock. Ladenburg Thalmann Financial Services began coverage on shares of InVitae in a research note on Friday, January 5th. They issued a “buy” rating and a $15.00 target price on the stock. Leerink Swann lowered their target price on shares of InVitae from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 16th. Zacks Investment Research downgraded shares of InVitae from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Benchmark lowered their target price on shares of InVitae from $16.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, January 16th. Finally, BidaskClub downgraded shares of InVitae from a “sell” rating to a “strong sell” rating in a research note on Wednesday, November 15th. Three research analysts have rated the stock with a sell rating and four have given a buy rating to the company. InVitae currently has a consensus rating of “Hold” and a consensus target price of $11.00.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in InVitae by 6.2% in the fourth quarter. BlackRock Inc. now owns 2,301,851 shares of the medical research company’s stock valued at $20,901,000 after purchasing an additional 134,259 shares in the last quarter. ARK Investment Management LLC grew its position in InVitae by 44.1% during the fourth quarter. ARK Investment Management LLC now owns 2,104,798 shares of the medical research company’s stock valued at $19,112,000 after acquiring an additional 643,860 shares during the last quarter. Perceptive Advisors LLC grew its position in InVitae by 190.1% during the third quarter. Perceptive Advisors LLC now owns 1,884,500 shares of the medical research company’s stock valued at $17,657,000 after acquiring an additional 1,235,000 shares during the last quarter. Orbimed Advisors LLC grew its position in InVitae by 232.5% during the third quarter. Orbimed Advisors LLC now owns 1,518,197 shares of the medical research company’s stock valued at $14,226,000 after acquiring an additional 1,061,531 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in InVitae by 9.7% during the second quarter. Vanguard Group Inc. now owns 1,323,137 shares of the medical research company’s stock valued at $12,649,000 after acquiring an additional 116,871 shares during the last quarter. 65.12% of the stock is currently owned by institutional investors and hedge funds.

The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $333.03, a PE ratio of -2.34 and a beta of 0.81.

InVitae (NYSE:NVTA) last issued its quarterly earnings results on Monday, February 12th. The medical research company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.17). InVitae had a negative net margin of 180.85% and a negative return on equity of 134.68%. The business had revenue of $25.40 million for the quarter, compared to the consensus estimate of $24.18 million. During the same quarter in the previous year, the business earned ($0.69) earnings per share. The firm’s revenue was up 175.0% on a year-over-year basis. equities analysts expect that InVitae Corp will post -1.98 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “InVitae (NVTA) Shares Gap Down After Analyst Downgrade” was reported by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this piece of content on another website, it was illegally copied and republished in violation of United States and international trademark & copyright laws. The original version of this piece of content can be accessed at https://theolympiareport.com/2018/02/14/invitae-nvta-shares-gap-down-after-analyst-downgrade.html.

InVitae Company Profile

Invitae Corporation utilizes an integrated portfolio of laboratory processes, software tools and informatics capabilities to process deoxyribonucleic acid (DNA)-containing samples, analyze information about patient-specific genetic variation and generate test reports for clinicians and their patients.

Receive News & Ratings for InVitae Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InVitae and related companies with MarketBeat.com's FREE daily email newsletter.