InVitae (NYSE:NVTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm currently has a $22.00 target price on the medical research company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 18.47% from the company’s current price.
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. “
A number of other brokerages have also recently commented on NVTA. Oppenheimer set a $34.00 target price on InVitae and gave the company a “buy” rating in a report on Wednesday, August 7th. Chardan Capital set a $32.00 target price on InVitae and gave the company a “buy” rating in a report on Sunday, August 25th. ValuEngine cut InVitae from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Leerink Swann set a $31.00 target price on InVitae and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Benchmark reissued a “buy” rating and set a $28.00 target price (up previously from $26.00) on shares of InVitae in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. InVitae currently has a consensus rating of “Buy” and an average target price of $27.83.
InVitae (NYSE:NVTA) last announced its earnings results on Tuesday, August 6th. The medical research company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.06). InVitae had a negative net margin of 83.69% and a negative return on equity of 58.48%. The firm had revenue of $53.48 million for the quarter, compared to analyst estimates of $50.17 million. During the same period in the previous year, the company earned ($0.47) EPS. InVitae’s revenue was up 43.3% compared to the same quarter last year. As a group, research analysts anticipate that InVitae will post -2.12 EPS for the current fiscal year.
In related news, General Counsel Thomas Brida sold 13,663 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $25.29, for a total value of $345,537.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Katherine Stueland sold 3,789 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $22.49, for a total value of $85,214.61. The disclosure for this sale can be found here. In the last ninety days, insiders sold 152,546 shares of company stock valued at $3,807,519. Insiders own 5.70% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC purchased a new position in InVitae in the second quarter worth approximately $25,000. First Quadrant L P CA purchased a new position in shares of InVitae during the second quarter worth $36,000. Mizuho Securities Co. Ltd. purchased a new position in shares of InVitae during the second quarter worth $47,000. Advisory Services Network LLC purchased a new position in shares of InVitae during the second quarter worth $82,000. Finally, Verity Asset Management Inc. purchased a new position in shares of InVitae during the second quarter worth $99,000. Institutional investors own 86.98% of the company’s stock.
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. Its tests include genes associated with hereditary cancer, neurological disorders, cardiovascular disorders, pediatric disorders, metabolic disorders, and other hereditary conditions; and screening and testing services in reproductive health, including preimplantation and carrier screening for inherited disorders, prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders.
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