InVitae Corp (NVTA) Rating Increased 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 research report issued to clients and investors on Saturday. The firm currently has a $8.75 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.61% from the stock’s current price.
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. “
NVTA has been the topic of a number of other reports. TheStreet cut InVitae Corp from a “hold” rating to a “sell” rating in a report on Thursday, September 15th. Benchmark Co. started coverage on InVitae Corp in a report on Thursday, June 30th. They issued a “hold” rating and a $8.50 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on InVitae Corp from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, August 9th.
Shares of InVitae Corp (NASDAQ:NVTA) opened at 7.77 on Friday. The company’s market capitalization is $250.70 million. InVitae Corp has a 52 week low of $5.66 and a 52 week high of $11.85. The company’s 50 day moving average price is $8.19 and its 200-day moving average price is $8.83.
InVitae Corp (NASDAQ:NVTA) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by $0.01. The company earned $5.60 million during the quarter, compared to analysts’ expectations of $5.81 million. During the same quarter in the previous year, the company earned ($0.76) EPS. The business’s revenue was up 211.1% compared to the same quarter last year. Analysts anticipate that InVitae Corp will post ($2.96) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVTA. Rhumbline Advisers purchased a new position in InVitae Corp during the second quarter worth approximately $122,000. Metropolitan Life Insurance Co. NY purchased a new position in InVitae Corp during the second quarter worth approximately $142,000. Schwab Charles Investment Management Inc. boosted its position in 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 period. Teachers Advisors Inc. boosted its position in InVitae Corp by 244.2% in the second quarter. Teachers Advisors Inc. now owns 35,825 shares of the company’s stock worth $265,000 after buying an additional 25,416 shares during the period. Finally, Vanguard Group Inc. boosted its position in InVitae Corp by 7.0% in the second quarter. Vanguard Group Inc. now owns 636,857 shares of the company’s stock worth $4,706,000 after buying an additional 41,420 shares during the period.
InVitae Corp Company Profile
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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