Concorde Asset Management LLC Makes New $1.37 Million Investment in InVitae Corp (NYSE:NVTA)

Concorde Asset Management LLC acquired a new position in shares of InVitae Corp (NYSE:NVTA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 31,626 shares of the medical research company’s stock, valued at approximately $1,371,000. InVitae makes up approximately 0.8% of Concorde Asset Management LLC’s investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NVTA. Legal & General Group Plc grew its position in InVitae by 3.6% during the 1st quarter. Legal & General Group Plc now owns 62,497 shares of the medical research company’s stock worth $873,000 after purchasing an additional 2,180 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of InVitae by 8.3% during the 1st quarter. Geode Capital Management LLC now owns 1,270,676 shares of the medical research company’s stock valued at $17,370,000 after buying an additional 97,222 shares during the period. Wells Fargo & Company MN boosted its stake in shares of InVitae by 4.0% during the 1st quarter. Wells Fargo & Company MN now owns 759,231 shares of the medical research company’s stock valued at $10,378,000 after buying an additional 29,386 shares during the period. Thrivent Financial for Lutherans acquired a new stake in shares of InVitae during the 1st quarter valued at $323,000. Finally, Invesco Ltd. acquired a new stake in shares of InVitae during the 1st quarter valued at $194,000. Hedge funds and other institutional investors own 98.58% of the company’s stock.

Shares of NYSE NVTA traded up $1.37 during mid-day trading on Monday, reaching $46.63. 21,837 shares of the company were exchanged, compared to its average volume of 3,060,354. InVitae Corp has a twelve month low of $7.41 and a twelve month high of $55.38. The stock has a market capitalization of $5.96 billion, a P/E ratio of -11.32 and a beta of 2.03. The company’s 50-day simple moving average is $42.33 and its 200-day simple moving average is $28.19. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.69.

InVitae (NYSE:NVTA) last released its quarterly earnings results on Tuesday, August 4th. The medical research company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.15). InVitae had a negative return on equity of 77.82% and a negative net margin of 182.73%. The business had revenue of $46.20 million for the quarter, compared to the consensus estimate of $39.63 million. During the same period in the prior year, the business posted ($0.54) earnings per share. InVitae’s revenue was down 14.4% compared to the same quarter last year. As a group, equities research analysts expect that InVitae Corp will post -2.55 EPS for the current year.

In other InVitae news, insider Katherine Stueland sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $51.36, for a total value of $51,360.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sean E. George sold 742 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $33.87, for a total transaction of $25,131.54. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 98,357 shares of company stock worth $3,214,961. 2.90% of the stock is owned by insiders.

NVTA has been the subject of several analyst reports. JPMorgan Chase & Co. lowered shares of InVitae from an “overweight” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Wednesday, October 14th. SVB Leerink dropped their price objective on shares of InVitae from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Wednesday, August 5th. Morgan Stanley started coverage on shares of InVitae in a report on Wednesday, September 9th. They set an “equal weight” rating and a $38.00 price objective on the stock. Oppenheimer upped their target price on shares of InVitae from $37.00 to $48.00 in a research note on Monday, October 5th. Finally, LADENBURG THALM/SH SH upped their target price on shares of InVitae from $31.25 to $37.25 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $38.53.

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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Institutional Ownership by Quarter for InVitae (NYSE:NVTA)

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