InVitae Corp (NVTA) Raised to “Buy” at Zacks Investment Research
InVitae Corp (NASDAQ:NVTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage currently has a $8.75 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.61% from the stock’s previous close.
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. “
Other research analysts have also recently issued reports about the company. Benchmark Co. initiated coverage on InVitae Corp in a report on Thursday, June 30th. They set a “hold” rating and a $8.50 target price on the stock. JPMorgan Chase & Co. boosted their target price on InVitae Corp from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Finally, TheStreet cut InVitae Corp from a “hold” rating to a “sell” rating in a report on Thursday, September 15th.
InVitae Corp (NASDAQ:NVTA) opened at 7.77 on Friday. The company’s market cap is $250.70 million. InVitae Corp has a 52 week low of $5.66 and a 52 week high of $11.85. The firm has a 50-day moving average price of $8.19 and a 200-day moving average price of $8.83.
InVitae Corp (NASDAQ:NVTA) last issued its earnings results on Monday, August 8th. The company reported ($0.77) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.76) by $0.01. The firm earned $5.60 million during the quarter, compared to analyst estimates of $5.81 million. InVitae Corp’s revenue was up 211.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.76) EPS. Equities research analysts anticipate that InVitae Corp will post ($2.96) EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its stake in shares of InVitae Corp by 95.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 44,528 shares of the company’s stock worth $330,000 after buying an additional 21,794 shares during the last quarter. Metropolitan Life Insurance Co. NY acquired a new stake in shares of InVitae Corp during the second quarter worth about $142,000. Polar Capital LLP acquired a new stake in shares of InVitae Corp during the second quarter worth about $406,000. State Street Corp increased its stake in shares of InVitae Corp by 287.8% in the second quarter. State Street Corp now owns 272,171 shares of the company’s stock worth $2,010,000 after buying an additional 201,995 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of InVitae Corp during the second quarter worth about $122,000.
About InVitae Corp
Invitae Corporation (Invitae) utilizes an integrated portfolio of laboratory processes, software tools and informatics capabilities to process deoxyribonucleic acid (DNA)-containing samples, analyze information about patient-specific genetic variation and generate test reports for clinicians and their patients.
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