InVitae (NYSE:NVTA) Shares Gap Up to $25.76

InVitae Corp (NYSE:NVTA) shares gapped up prior to trading on Wednesday . The stock had previously closed at $25.01, but opened at $25.76. InVitae shares last traded at $26.45, with a volume of 3,233,647 shares trading hands.

A number of research firms have weighed in on NVTA. Leerink Swann set a $31.00 target price on shares of InVitae and gave the company a “buy” rating in a research note on Wednesday, August 7th. Chardan Capital reiterated a “buy” rating and issued a $30.00 target price on shares of InVitae in a research note on Tuesday, June 11th. Benchmark restated a “buy” rating and set a $28.00 price target (up from $26.00) on shares of InVitae in a research note on Wednesday, August 7th. Zacks Investment Research cut shares of InVitae from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Finally, Oppenheimer set a $34.00 price target on shares of InVitae and gave the company a “buy” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $28.17.

The company has a market capitalization of $2.40 billion, a PE ratio of -13.63 and a beta of 2.53. The company has a debt-to-equity ratio of 0.36, a quick ratio of 7.18 and a current ratio of 7.18. The stock’s 50 day moving average is $24.83 and its 200 day moving average is $21.71.

InVitae (NYSE:NVTA) last announced its quarterly earnings results on Tuesday, August 6th. The medical research company reported ($0.54) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($0.06). The business had revenue of $53.48 million for the quarter, compared to analysts’ expectations of $50.17 million. InVitae had a negative net margin of 83.69% and a negative return on equity of 58.48%. The business’s quarterly revenue was up 43.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.47) earnings per share. On average, equities research analysts forecast that InVitae Corp will post -2.11 EPS for the current fiscal year.

In related news, General Counsel Thomas Brida sold 13,663 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $25.29, for a total transaction of $345,537.27. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Katherine Stueland sold 3,789 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $19.36, for a total transaction of $73,355.04. The disclosure for this sale can be found here. Insiders have sold a total of 137,547 shares of company stock worth $3,215,811 in the last ninety days. 5.70% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the company. Two Sigma Advisers LP bought a new position in shares of InVitae during the 4th quarter valued at $226,000. Dimensional Fund Advisors LP bought a new position in shares of InVitae during the 4th quarter valued at $319,000. Pennsylvania Trust Co bought a new position in shares of InVitae during the 1st quarter valued at $8,545,000. Bank of Montreal Can grew its holdings in shares of InVitae by 377.9% during the 1st quarter. Bank of Montreal Can now owns 77,810 shares of the medical research company’s stock valued at $1,823,000 after purchasing an additional 61,528 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of InVitae by 148.1% during the 4th quarter. Principal Financial Group Inc. now owns 29,612 shares of the medical research company’s stock valued at $328,000 after purchasing an additional 17,676 shares during the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

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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