InVitae (NVTA) Trading Up 6.4%
InVitae Corp (NYSE:NVTA)’s share price was up 6.4% on Tuesday . The stock traded as high as $9.24 and last traded at $9.18. Approximately 692,147 shares changed hands during trading, a decline of 15% from the average daily volume of 809,958 shares. The stock had previously closed at $8.63.
Several equities analysts have weighed in on NVTA shares. BidaskClub upgraded InVitae from a “hold” rating to a “buy” rating in a research note on Thursday, October 12th. Ladenburg Thalmann Financial Services began coverage on InVitae in a research note on Friday, January 5th. They set a “buy” rating and a $15.00 target price on the stock. Zacks Investment Research cut InVitae from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Leerink Swann lowered their target price on InVitae from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 7th. Three investment analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $13.80.
The company has a market capitalization of $486.04 and a P/E ratio of -3.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.61 and a quick ratio of 2.61.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its holdings in InVitae by 20.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 126,183 shares of the medical research company’s stock worth $1,207,000 after acquiring an additional 21,189 shares during the last quarter. Rhumbline Advisers increased its holdings in InVitae by 47.9% in the 2nd quarter. Rhumbline Advisers now owns 42,661 shares of the medical research company’s stock worth $408,000 after acquiring an additional 13,820 shares during the last quarter. State of Wisconsin Investment Board purchased a new stake in InVitae in the 2nd quarter worth about $277,000. Bank of New York Mellon Corp increased its holdings in InVitae by 55.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 163,888 shares of the medical research company’s stock worth $1,567,000 after acquiring an additional 58,339 shares during the last quarter. Finally, Swiss National Bank purchased a new stake in InVitae in the 2nd quarter worth about $438,000. Institutional investors own 64.67% of the company’s stock.
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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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