Invitae (NYSE:NVTA) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Invitae (NYSE:NVTA) from a sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

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 research firms have also weighed in on NVTA. Raymond James decreased their price target on Invitae from $38.00 to $36.00 and set an outperform rating on the stock in a report on Tuesday, November 9th. Wells Fargo & Company decreased their price target on Invitae from $35.00 to $25.00 and set an equal weight rating on the stock in a report on Tuesday, November 9th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $39.44.

Shares of NVTA opened at $11.74 on Tuesday. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -3.40 and a beta of 1.76. Invitae has a 1 year low of $10.88 and a 1 year high of $60.25. The business’s 50 day simple moving average is $16.79 and its 200-day simple moving average is $24.86. The company has a debt-to-equity ratio of 0.51, a current ratio of 8.74 and a quick ratio of 8.55.

Invitae (NYSE:NVTA) last issued its quarterly earnings data on Sunday, November 7th. The medical research company reported ($0.91) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.69) by ($0.22). Invitae had a negative return on equity of 23.02% and a negative net margin of 155.87%. The firm had revenue of $114.40 million for the quarter, compared to analysts’ expectations of $126.56 million. During the same period last year, the company earned ($0.62) earnings per share. The firm’s revenue was up 66.4% on a year-over-year basis. On average, sell-side analysts expect that Invitae will post -3.06 earnings per share for the current year.

In other news, CEO Sean E. George sold 3,675 shares of the stock in a transaction on Friday, October 22nd. The stock was sold at an average price of $28.06, for a total transaction of $103,120.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert L. Nussbaum sold 29,675 shares of the stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $21.89, for a total value of $649,585.75. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Vigilare Wealth Management raised its stake in Invitae by 78.5% in the fourth quarter. Vigilare Wealth Management now owns 36,220 shares of the medical research company’s stock valued at $553,000 after buying an additional 15,930 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Invitae by 17.8% in the third quarter. UBS Asset Management Americas Inc. now owns 201,841 shares of the medical research company’s stock worth $5,738,000 after purchasing an additional 30,541 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Invitae by 7.6% in the third quarter. Bank of New York Mellon Corp now owns 922,064 shares of the medical research company’s stock worth $26,215,000 after purchasing an additional 64,731 shares during the last quarter. Phocas Financial Corp. raised its stake in shares of Invitae by 1.0% in the third quarter. Phocas Financial Corp. now owns 102,774 shares of the medical research company’s stock worth $2,922,000 after purchasing an additional 1,059 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Invitae by 27.9% in the third quarter. Cetera Investment Advisers now owns 10,584 shares of the medical research company’s stock worth $301,000 after purchasing an additional 2,307 shares during the last quarter. Institutional investors own 88.50% 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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