InVitae (NYSE:NVTA) Stock Price Up 6.8%

InVitae Corp (NYSE:NVTA) rose 6.8% during mid-day trading on Thursday . The company traded as high as $21.58 and last traded at $21.55. Approximately 1,037,516 shares changed hands during trading, a decline of 39% from the average daily volume of 1,700,016 shares. The stock had previously closed at $20.18.

NVTA has been the subject of a number of recent research reports. Oppenheimer lifted their price target on shares of InVitae from $21.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Chardan Capital initiated coverage on shares of InVitae in a research report on Monday, March 4th. They set a “buy” rating and a $29.00 price target for the company. Finally, Zacks Investment Research cut shares of InVitae from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $25.20.

The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -12.11 and a beta of 2.35. The company has a quick ratio of 7.73, a current ratio of 7.73 and a debt-to-equity ratio of 0.37. The stock’s 50 day moving average price is $19.06.

InVitae (NYSE:NVTA) last released its quarterly earnings data on Tuesday, May 7th. The medical research company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). The firm had revenue of $40.55 million for the quarter, compared to the consensus estimate of $47.17 million. InVitae had a negative net margin of 81.52% and a negative return on equity of 65.76%. The firm’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.66) earnings per share. On average, analysts forecast that InVitae Corp will post -1.91 EPS for the current fiscal year.

In other InVitae news, insider Randal W. Scott sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $17.60, for a total transaction of $528,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katherine Stueland sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $25.23, for a total transaction of $25,230.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,440 shares of company stock valued at $1,641,082. 5.70% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. California Public Employees Retirement System grew its stake in shares of InVitae by 0.7% in the first quarter. California Public Employees Retirement System now owns 77,355 shares of the medical research company’s stock worth $1,812,000 after acquiring an additional 518 shares during the period. First Republic Investment Management Inc. grew its stake in shares of InVitae by 7.8% in the first quarter. First Republic Investment Management Inc. now owns 11,228 shares of the medical research company’s stock worth $263,000 after acquiring an additional 815 shares during the period. PNC Financial Services Group Inc. bought a new stake in shares of InVitae in the first quarter worth approximately $26,000. Certified Advisory Corp bought a new stake in shares of InVitae in the first quarter worth approximately $30,000. Finally, Signaturefd LLC bought a new stake in shares of InVitae in the first quarter worth approximately $47,000. Hedge funds and other institutional investors own 78.93% of the company’s stock.

About InVitae (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.

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