Invitae Co. (NYSE:NVTA) Receives $41.38 Average Target Price from Brokerages

Shares of Invitae Co. (NYSE:NVTA) have earned an average recommendation of “Buy” from the ten analysts that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $41.38.

Several research analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Invitae in a research report on Tuesday, June 15th. They set an “outperform” rating and a $37.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Invitae from $30.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, June 21st. Benchmark raised shares of Invitae from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Wednesday, August 4th. The Goldman Sachs Group assumed coverage on shares of Invitae in a research report on Thursday, June 3rd. They set a “neutral” rating and a $33.00 price target on the stock. Finally, Zacks Investment Research raised shares of Invitae from a “sell” rating to a “hold” rating in a research report on Thursday, August 12th.

NVTA traded up $1.93 on Thursday, hitting $32.76. 130,812 shares of the company’s stock were exchanged, compared to its average volume of 3,860,323. Invitae has a fifty-two week low of $24.16 and a fifty-two week high of $61.59. The company has a current ratio of 12.30, a quick ratio of 12.08 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $28.77 and a 200-day moving average price of $32.05. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of -9.86 and a beta of 1.84.

Invitae (NYSE:NVTA) last announced its earnings results on Tuesday, August 3rd. The medical research company reported ($0.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.20). Invitae had a negative return on equity of 26.29% and a negative net margin of 149.68%. The business had revenue of $116.31 million for the quarter, compared to analyst estimates of $109.53 million. On average, equities analysts predict that Invitae will post -2.79 EPS for the current year.

In related news, insider Robert L. Nussbaum sold 21,231 shares of the stock in a transaction on Monday, August 16th. The stock was sold at an average price of $25.42, for a total transaction of $539,692.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert F. Werner sold 15,337 shares of the stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $24.86, for a total value of $381,277.82. The disclosure for this sale can be found here. Insiders have sold 74,679 shares of company stock worth $1,904,341 over the last 90 days. Insiders own 1.90% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Invitae by 3.3% in the second quarter. Vanguard Group Inc. now owns 17,296,723 shares of the medical research company’s stock valued at $583,419,000 after buying an additional 547,564 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Invitae by 9.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,886,498 shares of the medical research company’s stock valued at $502,122,000 after acquiring an additional 1,340,353 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in shares of Invitae by 8.8% during the second quarter. Nikko Asset Management Americas Inc. now owns 14,863,341 shares of the medical research company’s stock valued at $498,516,000 after acquiring an additional 1,202,186 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of Invitae by 49.6% during the second quarter. Macquarie Group Ltd. now owns 6,038,465 shares of the medical research company’s stock valued at $203,678,000 after acquiring an additional 2,001,513 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Invitae by 34.9% during the second quarter. Geode Capital Management LLC now owns 3,259,145 shares of the medical research company’s stock valued at $109,930,000 after acquiring an additional 844,045 shares during the last quarter. Hedge funds and other institutional investors own 86.56% of the company’s stock.

About Invitae

Invitae Corp. engages in the provision of genetic information into mainstream medical practice. It includes comprehensive panels for hereditary conditions in cancer, cardiology, neurology, pediatric, and rare diseases. The company was founded by Randal W. Scott and Sean E. George on January 13, 2010 and is headquartered in San Francisco, CA.

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Analyst Recommendations for Invitae (NYSE:NVTA)

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