Invitae (NYSE:NVTA – Get Rating) was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, The Fly reports.
A number of other equities analysts have also commented on NVTA. SVB Leerink lowered shares of Invitae from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Piper Sandler began coverage on shares of Invitae in a report on Thursday, June 2nd. They set an “underweight” rating on the stock. Cowen cut their price objective on shares of Invitae from $10.00 to $8.00 in a report on Tuesday. LADENBURG THALM/SH SH lowered shares of Invitae from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Cowen cut their price target on shares of Invitae from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Invitae currently has a consensus rating of “Hold” and an average price target of $13.56.
Invitae Stock Up 5.9 %
Shares of NYSE NVTA opened at $2.34 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.14 and a quick ratio of 5.88. The company has a market cap of $536.54 million, a P/E ratio of -0.72 and a beta of 2.03. Invitae has a 1 year low of $2.08 and a 1 year high of $32.93. The firm has a 50-day simple moving average of $2.98 and a two-hundred day simple moving average of $6.80.
Invitae (NYSE:NVTA – Get Rating) last issued its earnings results on Tuesday, May 3rd. The medical research company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.01). The company had revenue of $123.70 million for the quarter, compared to analysts’ expectations of $129.31 million. Invitae had a negative return on equity of 24.48% and a negative net margin of 148.62%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same period last year, the business posted ($0.63) earnings per share. Research analysts anticipate that Invitae will post -2.75 earnings per share for the current year.
Insider Transactions at Invitae
In other news, COO Kenneth D. Knight sold 28,295 shares of Invitae stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $3.81, for a total transaction of $107,803.95. Following the completion of the sale, the chief operating officer now directly owns 518,895 shares in the company, valued at $1,976,989.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sean E. George sold 18,296 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $3.81, for a total transaction of $69,707.76. Following the completion of the transaction, the chief executive officer now directly owns 794,691 shares in the company, valued at $3,027,772.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Kenneth D. Knight sold 28,295 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $3.81, for a total transaction of $107,803.95. Following the transaction, the chief operating officer now owns 518,895 shares of the company’s stock, valued at $1,976,989.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,833 shares of company stock worth $303,038. Company insiders own 1.90% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NVTA. ARK Investment Management LLC increased its holdings in Invitae by 3.6% in the second quarter. ARK Investment Management LLC now owns 28,668,950 shares of the medical research company’s stock valued at $105,215,000 after buying an additional 986,724 shares in the last quarter. Vanguard Group Inc. increased its holdings in Invitae by 0.4% in the first quarter. Vanguard Group Inc. now owns 19,515,586 shares of the medical research company’s stock valued at $155,540,000 after buying an additional 69,702 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Invitae by 10.9% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,998,453 shares of the medical research company’s stock valued at $290,106,000 after buying an additional 1,873,864 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Invitae by 10.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 18,998,453 shares of the medical research company’s stock valued at $292,576,000 after buying an additional 1,873,864 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Invitae by 34.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 3,820,054 shares of the medical research company’s stock valued at $58,332,000 after buying an additional 977,406 shares in the last quarter. 91.87% of the stock is currently owned by institutional investors and hedge funds.
About Invitae
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.