Cowen Increases InVitae (NYSE:NVTA) Price Target to $35.00

InVitae (NYSE:NVTA) had its price target lifted by Cowen from $18.00 to $35.00 in a note issued to investors on Friday, The Fly reports. The firm currently has an “outperform” rating on the medical research company’s stock. Cowen’s target price would indicate a potential upside of 22.09% from the stock’s current price.

A number of other brokerages also recently commented on NVTA. Zacks Investment Research upgraded InVitae from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research report on Tuesday, April 7th. Oppenheimer reiterated a “buy” rating and set a $29.00 price objective on shares of InVitae in a research report on Monday. Benchmark reduced their price objective on InVitae from $31.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. ValuEngine downgraded InVitae from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 1st. Finally, SVB Leerink lifted their price objective 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. Seven investment analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average target price of $25.83.

NVTA traded up $0.69 during trading on Friday, hitting $28.67. The company’s stock had a trading volume of 349,073 shares, compared to its average volume of 4,233,732. The company has a current ratio of 2.95, a quick ratio of 2.95 and a debt-to-equity ratio of 0.97. InVitae has a twelve month low of $7.41 and a twelve month high of $30.23. The business’s fifty day simple moving average is $17.71 and its 200 day simple moving average is $17.40. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -8.96 and a beta of 2.05.

InVitae (NYSE:NVTA) last released its earnings results on Tuesday, May 5th. The medical research company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.04. The business had revenue of $64.25 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted ($0.47) earnings per share. As a group, equities research analysts forecast that InVitae will post -2.47 earnings per share for the current fiscal year.

In related news, General Counsel Thomas Brida sold 2,060 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $16.70, for a total transaction of $34,402.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sean E. George sold 25,500 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $16.70, for a total value of $425,850.00. The disclosure for this sale can be found here. Insiders sold 90,580 shares of company stock valued at $1,547,142 over the last ninety days. Insiders own 2.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. lifted its holdings in InVitae by 46.7% during the 1st quarter. Benjamin Edwards Inc. now owns 2,217 shares of the medical research company’s stock worth $30,000 after buying an additional 706 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in InVitae by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 136,624 shares of the medical research company’s stock worth $1,868,000 after buying an additional 853 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in InVitae by 5.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 18,396 shares of the medical research company’s stock worth $251,000 after buying an additional 906 shares during the last quarter. Amalgamated Bank lifted its holdings in InVitae by 6.0% during the 4th quarter. Amalgamated Bank now owns 16,324 shares of the medical research company’s stock worth $263,000 after buying an additional 927 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in InVitae by 15.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,813 shares of the medical research company’s stock worth $107,000 after buying an additional 1,023 shares during the last quarter. 81.56% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: What is a balanced fund?

The Fly

Analyst Recommendations for InVitae (NYSE:NVTA)

Receive News & Ratings for InVitae Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InVitae and related companies with MarketBeat.com's FREE daily email newsletter.