Invitae (NVTA) Lifted to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Invitae (NYSE:NVTA) from a hold rating to a strong-buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $6.25 target price on the medical research company’s 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. “
Other equities research analysts also recently issued reports about the stock. JPMorgan Chase dropped their price target on shares of Invitae from $13.00 to $9.00 and set an overweight rating for the company in a research report on Tuesday, February 13th. ValuEngine downgraded shares of Invitae from a sell rating to a strong sell rating in a research report on Friday, February 2nd. Benchmark dropped their price target on shares of Invitae from $11.00 to $10.00 and set a buy rating for the company in a research report on Tuesday, February 13th. Ladenburg Thalmann assumed coverage on shares of Invitae in a research report on Friday, January 5th. They issued a buy rating and a $15.00 price target for the company. Finally, Leerink Swann dropped their price target on shares of Invitae from $12.00 to $10.00 and set an outperform rating for the company in a research report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Invitae presently has a consensus rating of Buy and a consensus price target of $10.05.
Invitae (NYSE:NVTA) last released its quarterly earnings results on Monday, February 12th. The medical research company reported ($0.78) earnings per share 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 124.43%. The business had revenue of $25.40 million during the quarter, compared to analyst estimates of $24.18 million. During the same quarter in the previous year, the firm posted ($0.69) earnings per share. The firm’s quarterly revenue was up 175.0% on a year-over-year basis. sell-side analysts anticipate that Invitae will post -2.23 EPS for the current year.
In other news, major shareholder Bros. Advisors Lp Baker acquired 1,111,111 shares of the stock in a transaction on Wednesday, March 28th. The stock was acquired at an average cost of $4.50 per share, for a total transaction of $4,999,999.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Randal W. Scott acquired 44,444 shares of the stock in a transaction on Monday, April 2nd. The shares were purchased at an average price of $4.50 per share, with a total value of $199,998.00. The disclosure for this purchase can be found here. 8.70% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in NVTA. Bank of New York Mellon Corp raised its position in Invitae by 5.2% during the third quarter. Bank of New York Mellon Corp now owns 172,475 shares of the medical research company’s stock valued at $1,615,000 after purchasing an additional 8,587 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Invitae by 28.1% during the third quarter. Schwab Charles Investment Management Inc. now owns 161,638 shares of the medical research company’s stock valued at $1,515,000 after purchasing an additional 35,455 shares in the last quarter. OxFORD Asset Management LLP bought a new stake in shares of Invitae during the third quarter worth $180,000. Allianz Asset Management GmbH grew its stake in shares of Invitae by 110.6% during the third quarter. Allianz Asset Management GmbH now owns 168,856 shares of the medical research company’s stock worth $1,582,000 after buying an additional 88,674 shares during the last quarter. Finally, Daiwa SB Investments Ltd. bought a new stake in shares of Invitae during the fourth quarter worth $590,000. Institutional investors and hedge funds own 71.41% of the company’s stock.
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Invitae Company Profile
Invitae Corporation, a genetic information company, processes DNA-containing samples, analyzes information related to patient-specific genetic variation, and generates test reports for clinicians and their patients in the United States, Canada, and internationally. The company's tests include multiple genes associated with hereditary cancer, neurological disorders, cardiovascular disorders, pediatric disorders, metabolic disorders, and other hereditary conditions; proactive health and wellness screening; and preimplantation embryo testing and carrier screening for inherited disorders, prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders.
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