InVitae Corp (NVTA) Shares Up 12.5% After Insider Buying Activity
InVitae Corp (NASDAQ:NVTA) shot up 12.5% during trading on Monday following insider buying activity. The company traded as high as $6.87 and last traded at $6.82, with a volume of 1,065,313 shares. The stock had previously closed at $6.06.
Specifically, major shareholder Bros. Advisors Lp Baker bought 733,333 shares of the stock in a transaction on Thursday, November 17th. The stock was purchased at an average cost of $6.00 per share, with a total value of $4,399,998.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Geoffrey Crouse bought 15,000 shares of the stock in a transaction on Friday, November 18th. The stock was purchased at an average cost of $6.25 per share, with a total value of $93,750.00. Following the completion of the purchase, the director now directly owns 34,259 shares in the company, valued at approximately $214,118.75. The disclosure for this purchase can be found here.
Several analysts have commented on the stock. Zacks Investment Research cut shares of InVitae Corp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th. JPMorgan Chase & Co. lifted their target price on shares of InVitae Corp from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 9th. Leerink Swann assumed coverage on shares of InVitae Corp in a research note on Thursday, November 10th. They issued an “outperform” rating and a $12.00 target price for the company. TheStreet cut shares of InVitae Corp from a “hold” rating to a “sell” rating in a research note on Thursday, September 15th. Finally, Benchmark Co. reaffirmed a “neutral” rating on shares of InVitae Corp in a research note on Tuesday, November 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. InVitae Corp currently has a consensus rating of “Hold” and an average target price of $10.81.
The stock’s market capitalization is $221.27 million. The company has a 50 day moving average of $7.67 and a 200-day moving average of $8.27.
InVitae Corp (NASDAQ:NVTA) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by $0.05. The firm had revenue of $6.30 million for the quarter, compared to analyst estimates of $7.50 million. InVitae Corp’s quarterly revenue was up 186.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.71) EPS. Equities analysts anticipate that InVitae Corp will post ($3.02) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of NVTA. SG Americas Securities LLC bought a new position in InVitae Corp during the third quarter valued at about $105,000. Credit Suisse AG boosted its position in InVitae Corp by 17.2% in the third quarter. Credit Suisse AG now owns 12,528 shares of the company’s stock valued at $110,000 after buying an additional 1,839 shares during the period. Rhumbline Advisers bought a new position in InVitae Corp during the second quarter valued at about $122,000. Metropolitan Life Insurance Co. NY bought a new position in InVitae Corp during the second quarter valued at about $142,000. Finally, The Manufacturers Life Insurance Company bought a new position in InVitae Corp during the third quarter valued at about $152,000.
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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