InVitae Corp (NVTA) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of InVitae Corp (NASDAQ:NVTA) from a hold rating to a buy rating in a research note published on Saturday morning. They currently have $8.75 price objective on the stock.
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 recently commented on the company. JPMorgan Chase & Co. increased their price target on InVitae Corp from $12.00 to $14.00 and gave the company an overweight rating in a report on Tuesday, August 9th. TheStreet cut InVitae Corp from a hold rating to a sell rating in a report on Thursday, September 15th. Finally, Benchmark Co. assumed coverage on InVitae Corp in a report on Thursday, June 30th. They issued a hold rating and a $8.50 price target for the company.
Shares of InVitae Corp (NASDAQ:NVTA) opened at 7.77 on Friday. The firm has a 50-day moving average price of $8.19 and a 200-day moving average price of $8.83. InVitae Corp has a 1-year low of $5.66 and a 1-year high of $11.85. The company’s market cap is $250.70 million.
InVitae Corp (NASDAQ:NVTA) last announced its earnings results on Monday, August 8th. The company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by $0.01. The business earned $5.60 million during the quarter, compared to analyst estimates of $5.81 million. During the same period in the prior year, the firm earned ($0.76) earnings per share. InVitae Corp’s revenue was up 211.1% on a year-over-year basis. On average, equities analysts expect that InVitae Corp will post ($2.96) EPS for the current year.
Several large investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. boosted its stake in InVitae Corp by 95.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 44,528 shares of the company’s stock valued at $330,000 after buying an additional 21,794 shares during the period. Metropolitan Life Insurance Co. NY acquired a new stake in InVitae Corp during the second quarter valued at about $142,000. Polar Capital LLP acquired a new stake in InVitae Corp during the second quarter valued at about $406,000. State Street Corp boosted its stake in InVitae Corp by 287.8% in the second quarter. State Street Corp now owns 272,171 shares of the company’s stock valued at $2,010,000 after buying an additional 201,995 shares during the period. Finally, Rhumbline Advisers acquired a new stake in InVitae Corp during the second quarter valued at about $122,000.
InVitae Corp Company Profile
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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