InVitae (NVTA) Shares Gap Down After Analyst Downgrade
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.
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.
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.
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