InVitae (NYSE:NVTA) Trading Down 5.4%

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InVitae Corp (NYSE:NVTA)’s stock price dropped 5.4% on Monday . The stock traded as low as $18.47 and last traded at $18.82, approximately 1,606,745 shares were traded during trading. A decline of 17% from the average daily volume of 1,926,561 shares. The stock had previously closed at $19.90.

NVTA has been the subject of several recent research reports. Zacks Investment Research downgraded shares of InVitae from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Benchmark restated a “buy” rating and set a $28.00 target price (up from $26.00) on shares of InVitae in a report on Wednesday, August 7th. Chardan Capital set a $32.00 target price on shares of InVitae and gave the company a “buy” rating in a report on Sunday, August 25th. Oppenheimer set a $34.00 target price on shares of InVitae and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, ValuEngine upgraded shares of InVitae from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $27.83.

The company’s 50-day moving average is $17.92 and its 200-day moving average is $20.86. The company has a debt-to-equity ratio of 0.77, a current ratio of 7.38 and a quick ratio of 7.38. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -9.70 and a beta of 2.53.

InVitae (NYSE:NVTA) last released its earnings results on Wednesday, November 6th. The medical research company reported ($0.69) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by ($0.17). InVitae had a negative return on equity of 58.90% and a negative net margin of 99.49%. The company had revenue of $56.51 million during the quarter, compared to analyst estimates of $55.00 million. Sell-side analysts anticipate that InVitae Corp will post -2.44 earnings per share for the current year.

In related news, insider Katherine Stueland sold 3,788 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.46, for a total value of $66,138.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NVTA. Metropolitan Life Insurance Co NY raised its stake in shares of InVitae by 27.7% during the third quarter. Metropolitan Life Insurance Co NY now owns 28,437 shares of the medical research company’s stock valued at $548,000 after purchasing an additional 6,164 shares during the period. California State Teachers Retirement System raised its stake in shares of InVitae by 1.2% during the third quarter. California State Teachers Retirement System now owns 135,029 shares of the medical research company’s stock valued at $2,602,000 after purchasing an additional 1,613 shares during the period. Stifel Financial Corp purchased a new stake in shares of InVitae during the third quarter valued at approximately $247,000. Virtu Financial LLC purchased a new stake in shares of InVitae during the third quarter valued at approximately $290,000. Finally, Cetera Advisor Networks LLC raised its stake in shares of InVitae by 68.7% during the third quarter. Cetera Advisor Networks LLC now owns 39,525 shares of the medical research company’s stock valued at $781,000 after purchasing an additional 16,100 shares during the period. Hedge funds and other institutional investors own 94.47% of the company’s stock.

InVitae Company Profile (NYSE:NVTA)

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.

Further Reading: Hedge Funds

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