Zacks Investment Research lowered shares of InVitae Corp (NASDAQ:NVTA) from a hold rating to a sell rating in a research report released on Wednesday.
According to Zacks, “Invitae Corporation is engaged in genetic diagnostics for hereditary disorders which include breast, colon and pancreatic cancer. It operates primarily in the United States, Israel and internationally. Invitae Corporation is headquartered in San Francisco, California. “
Several other equities research analysts have also issued reports on the stock. Leerink Swann started coverage on shares of InVitae Corp in a research note on Thursday, November 10th. They issued an outperform rating and a $12.00 price target on the stock. Benchmark Co. reiterated a neutral rating on shares of InVitae Corp in a research note on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $10.81.
Shares of InVitae Corp (NASDAQ:NVTA) traded down 0.48% on Wednesday, hitting $8.30. 7,676 shares of the stock were exchanged. The company has a 50-day moving average price of $7.77 and a 200-day moving average price of $8.02. InVitae Corp has a one year low of $5.66 and a one year high of $11.85. The firm’s market capitalization is $269.29 million.
InVitae Corp (NASDAQ:NVTA) last issued its quarterly earnings data on Monday, November 7th. The company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by $0.05. The company had revenue of $6.30 million for the quarter, compared to analyst estimates of $7.50 million. During the same quarter last year, the firm posted ($0.71) EPS. The firm’s revenue for the quarter was up 186.4% compared to the same quarter last year. Equities research analysts expect that InVitae Corp will post ($3.08) earnings per share for the current year.
In other news, Chairman Randal W. Scott acquired 66,666 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The stock was bought at an average price of $6.00 per share, with a total value of $399,996.00. Following the transaction, the chairman now directly owns 3,506,225 shares in the company, valued at approximately $21,037,350. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Geoffrey Crouse acquired 15,000 shares of the firm’s stock in a transaction dated Friday, November 18th. The stock was purchased at an average cost of $6.25 per share, with a total value of $93,750.00. Following the transaction, the director now owns 34,259 shares in the company, valued at $214,118.75. The disclosure for this purchase can be found here.
Several hedge funds and other institutional investors have recently made changes to their positions in NVTA. SG Americas Securities LLC purchased a new position in shares of InVitae Corp during the third quarter worth approximately $105,000. Credit Suisse AG increased its position in shares of InVitae Corp by 17.2% in the third quarter. Credit Suisse AG now owns 12,528 shares of the company’s stock worth $110,000 after buying an additional 1,839 shares during the period. Rhumbline Advisers purchased a new position in shares of InVitae Corp during the second quarter worth approximately $122,000. Metropolitan Life Insurance Co. NY purchased a new position in shares of InVitae Corp during the second quarter worth approximately $142,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of InVitae Corp during the third quarter worth approximately $152,000.
About InVitae Corp
Invitae Corporation (Invitae) 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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