Zacks: Analysts Anticipate InVitae Corp (NYSE:NVTA) Will Post Earnings of -$0.64 Per Share

Brokerages expect InVitae Corp (NYSE:NVTA) to announce earnings of ($0.64) per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for InVitae’s earnings. The lowest EPS estimate is ($0.75) and the highest is ($0.43). InVitae posted earnings per share of ($0.52) in the same quarter last year, which would indicate a negative year over year growth rate of 23.1%. The company is scheduled to issue its next quarterly 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 year, with EPS estimates ranging from ($2.74) to ($2.58). For the next fiscal year, analysts anticipate that the business will post earnings of ($1.83) per share, with EPS estimates ranging from ($2.26) to ($0.93). Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for InVitae.

InVitae (NYSE:NVTA) last announced its earnings results on Tuesday, May 5th. The medical research company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.04. The company had revenue of $64.25 million during the quarter, compared to analysts’ expectations of $59.41 million. InVitae had a negative net margin of 127.42% and a negative return on equity of 69.95%. The firm’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.47) earnings per share.

NVTA has been the subject of a number of research reports. Oppenheimer restated a “buy” rating and set a $29.00 target price on shares of InVitae in a research report on Monday, June 22nd. SVB Leerink lifted their target price on shares of InVitae from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. They noted that the move was a valuation call. ValuEngine cut shares of InVitae from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 1st. Cowen boosted their price objective on shares of InVitae from $18.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Benchmark cut their price objective on shares of InVitae from $31.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. Seven analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $25.83.

In related news, CEO Sean E. George sold 25,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $16.70, for a total transaction of $425,850.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert L. Nussbaum sold 6,864 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $16.70, for a total transaction of $114,628.80. The disclosure for this sale can be found here. In the last three months, insiders sold 90,580 shares of company stock valued at $1,547,142. Company insiders own 2.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Nikko Asset Management Americas Inc. increased its position in InVitae by 30.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 13,092,125 shares of the medical research company’s stock worth $178,969,000 after purchasing an additional 3,035,085 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in InVitae by 29.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,043,141 shares of the medical research company’s stock worth $178,300,000 after purchasing an additional 2,986,101 shares during the last quarter. State Street Corp increased its position in InVitae by 0.4% during the first quarter. State Street Corp now owns 6,133,942 shares of the medical research company’s stock worth $83,851,000 after purchasing an additional 26,591 shares during the last quarter. Victory Capital Management Inc. increased its position in InVitae by 45.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,280,769 shares of the medical research company’s stock worth $36,789,000 after purchasing an additional 711,099 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in InVitae by 5.1% during the first quarter. Clearbridge Investments LLC now owns 2,120,450 shares of the medical research company’s stock worth $28,987,000 after buying an additional 102,579 shares during the period. 81.56% of the stock is owned by hedge funds and other institutional investors.

NVTA traded up $0.16 during midday trading on Wednesday, reaching $28.05. 1,516,960 shares of the company’s stock were exchanged, compared to its average volume of 4,603,605. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.95 and a quick ratio of 2.95. The stock has a market capitalization of $3.39 billion, a PE ratio of -8.53 and a beta of 2.06. The business’s 50-day moving average price is $17.95 and its 200 day moving average price is $17.45. InVitae has a 1-year low of $7.41 and a 1-year high of $30.23.

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. 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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Earnings History and Estimates for InVitae (NYSE:NVTA)

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