InVitae Corp (NYSE:NVTA) Given Average Rating of “Buy” by Brokerages

InVitae Corp (NYSE:NVTA) has been assigned an average recommendation of “Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $25.83.

A number of brokerages have commented on NVTA. Cowen lifted their price target on InVitae from $18.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday. Oppenheimer reaffirmed a “buy” rating and set a $29.00 price target on shares of InVitae in a research report on Monday, June 22nd. SVB Leerink lifted their price target on 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. Zacks Investment Research raised InVitae from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Tuesday, April 7th. Finally, Benchmark lowered their price target on InVitae from $31.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th.

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

Several institutional investors have recently made changes to their positions in the stock. Nikko Asset Management Americas Inc. increased its stake in shares of InVitae by 30.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 13,092,125 shares of the medical research company’s stock valued at $178,969,000 after purchasing an additional 3,035,085 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake 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 buying an additional 2,986,101 shares in the last quarter. State Street Corp increased its stake 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 buying an additional 26,591 shares in the last quarter. Victory Capital Management Inc. increased its stake 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 buying an additional 711,099 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake 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 buying an additional 102,579 shares in the last quarter. Hedge funds and other institutional investors own 81.56% of the company’s stock.

Shares of InVitae stock traded up $0.26 during trading on Tuesday, reaching $28.15. The company’s stock had a trading volume of 2,776,500 shares, compared to its average volume of 3,355,125. The company has a quick ratio of 2.95, a current ratio of 2.95 and a debt-to-equity ratio of 0.97. The company has a market cap of $3.52 billion, a price-to-earnings ratio of -8.85 and a beta of 2.06. InVitae has a 1-year low of $7.41 and a 1-year high of $30.49. The company has a 50-day simple moving average of $18.83 and a two-hundred day simple moving average of $17.66.

InVitae (NYSE:NVTA) last posted its quarterly earnings data on Tuesday, May 5th. The medical research company reported ($0.80) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.84) by $0.04. The firm had revenue of $64.25 million during the quarter, compared to analysts’ expectations of $59.41 million. InVitae had a negative return on equity of 69.95% and a negative net margin of 127.42%. The business’s quarterly revenue was up 58.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.47) EPS. As a group, analysts anticipate that InVitae will post -2.47 earnings per share for the current year.

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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Analyst Recommendations for InVitae (NYSE:NVTA)

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