InVitae (NYSE:NVTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $26.00 price objective on the medical research company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.21% from the company’s current price.
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 equities analysts have also commented on the company. Oppenheimer raised their price objective on InVitae from $21.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Chardan Capital assumed coverage on InVitae in a report on Monday, March 4th. They set a “buy” rating and a $29.00 price target for the company. Benchmark raised their price target on InVitae from $17.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $20.00 price target on shares of InVitae in a report on Wednesday, February 20th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $25.00.
Shares of NVTA stock opened at $23.17 on Wednesday. InVitae has a 52 week low of $5.31 and a 52 week high of $26.77. The firm has a market capitalization of $1.79 billion, a P/E ratio of -11.94 and a beta of 2.25. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 0.47.
InVitae (NYSE:NVTA) last announced its quarterly earnings results on Tuesday, February 19th. The medical research company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.02. The company had revenue of $45.36 million during the quarter, compared to analyst estimates of $40.87 million. InVitae had a negative return on equity of 88.93% and a negative net margin of 87.58%. Sell-side analysts anticipate that InVitae will post -1.81 EPS for the current fiscal year.
In related news, Chairman Randal W. Scott sold 30,000 shares of InVitae stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $19.10, for a total value of $573,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Katherine Stueland sold 1,000 shares of InVitae stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $25.23, for a total value of $25,230.00. The disclosure for this sale can be found here. Insiders have sold 41,650 shares of company stock valued at $812,563 over the last 90 days. Corporate insiders own 8.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in InVitae by 45.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,780 shares of the medical research company’s stock worth $53,000 after purchasing an additional 1,486 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new position in InVitae in the fourth quarter worth about $58,000. Great West Life Assurance Co. Can boosted its position in InVitae by 173.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 7,920 shares of the medical research company’s stock worth $84,000 after purchasing an additional 5,020 shares during the last quarter. Focused Wealth Management Inc purchased a new position in InVitae in the fourth quarter worth about $88,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in InVitae in the fourth quarter worth about $108,000. Institutional investors own 75.73% 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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