Wall Street analysts expect InVitae Corp (NYSE:NVTA) to report ($0.64) earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have made estimates for InVitae’s earnings, with estimates ranging from ($0.75) to ($0.43). InVitae reported earnings of ($0.52) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 23.1%. The firm is expected to issue its next earnings results on Tuesday, August 4th.
According to Zacks, analysts expect that InVitae will report full year earnings of ($2.66) per share for the current financial year, with EPS estimates ranging from ($2.74) to ($2.58). For the next year, analysts forecast that the business will post earnings of ($1.83) per share, with EPS estimates ranging from ($2.26) to ($0.93). Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for InVitae.
InVitae (NYSE:NVTA) last announced its quarterly earnings results on Tuesday, May 5th. The medical research company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.04. The company had revenue of $64.25 million during the quarter, compared to the consensus estimate of $59.41 million. InVitae had a negative return on equity of 69.95% and a negative net margin of 127.42%. The company’s revenue for the quarter was up 58.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.47) earnings per share.
NVTA has been the subject of a number of recent analyst reports. SVB Leerink raised their price objective on InVitae from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. They noted that the move was a valuation call. ValuEngine cut InVitae from a “strong-buy” rating to a “buy” rating in a report on Friday, May 1st. Benchmark dropped their price objective on InVitae from $31.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, April 8th. Oppenheimer reaffirmed a “buy” rating and issued a $29.00 price objective on shares of InVitae in a report on Monday, June 22nd. Finally, Zacks Investment Research raised InVitae from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Tuesday, April 7th. Seven investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $25.83.
Shares of NVTA traded up $0.16 during mid-day trading on Wednesday, reaching $28.05. The company’s stock had a trading volume of 1,516,960 shares, compared to its average volume of 4,603,605. InVitae has a 1-year low of $7.41 and a 1-year high of $30.23. The stock has a market cap of $3.39 billion, a P/E ratio of -8.53 and a beta of 2.06. The business has a 50-day simple moving average of $17.95 and a two-hundred day simple moving average of $17.45. The company has a current ratio of 2.95, a quick ratio of 2.95 and a debt-to-equity ratio of 0.97.
In other news, COO E Lee Bendekgey sold 18,665 shares of InVitae stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $18.11, for a total value of $338,023.15. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert L. Nussbaum sold 19,893 shares of InVitae stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $17.28, for a total value of $343,751.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,580 shares of company stock worth $1,547,142. Corporate insiders own 2.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Nikko Asset Management Americas Inc. grew its position in InVitae by 30.2% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 13,092,125 shares of the medical research company’s stock worth $178,969,000 after acquiring an additional 3,035,085 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in InVitae by 29.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,043,141 shares of the medical research company’s stock worth $178,300,000 after acquiring an additional 2,986,101 shares during the last quarter. State Street Corp grew its position in InVitae by 0.4% during the 1st quarter. State Street Corp now owns 6,133,942 shares of the medical research company’s stock worth $83,851,000 after acquiring an additional 26,591 shares during the last quarter. Victory Capital Management Inc. grew its position in InVitae by 45.3% during the 4th quarter. Victory Capital Management Inc. now owns 2,280,769 shares of the medical research company’s stock worth $36,789,000 after acquiring an additional 711,099 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in InVitae by 5.1% during the 1st quarter. Clearbridge Investments LLC now owns 2,120,450 shares of the medical research company’s stock worth $28,987,000 after acquiring an additional 102,579 shares during the last quarter. Institutional investors own 81.56% 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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