Invitae (NYSE:NVTA) Shares Down 5.3% on Insider Selling

Invitae Co. (NYSE:NVTA)’s share price fell 5.3% during trading on Friday after an insider sold shares in the company. The stock traded as low as $30.48 and last traded at $30.48. 35,589 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 3,847,459 shares. The stock had previously closed at $32.19.

Specifically, CAO Robert F. Werner sold 3,012 shares of the firm’s stock in a transaction on Monday, August 16th. The shares were sold at an average price of $25.42, for a total value of $76,565.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sean E. George sold 3,675 shares of the firm’s stock in a transaction on Thursday, July 22nd. The stock was sold at an average price of $29.39, for a total transaction of $108,008.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,029 shares of company stock valued at $2,138,659. 1.90% of the stock is owned by insiders.

Several research analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Invitae in a report on Thursday, June 3rd. They set a “neutral” rating and a $33.00 target price for the company. Benchmark raised shares of Invitae from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Wednesday, August 4th. Wells Fargo & Company lifted their price objective on shares of Invitae from $30.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, June 21st. Morgan Stanley cut their price objective on shares of Invitae from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Thursday, August 5th. Finally, SVB Leerink reaffirmed a “buy” rating on shares of Invitae in a report on Thursday, September 9th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $43.20.

The company’s 50-day moving average price is $28.99 and its 200-day moving average price is $31.95. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of -9.05 and a beta of 1.84. The company has a quick ratio of 12.08, a current ratio of 12.30 and a debt-to-equity ratio of 0.59.

Invitae (NYSE:NVTA) last announced its earnings results on Tuesday, August 3rd. The medical research company reported ($0.85) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.65) by ($0.20). Invitae had a negative net margin of 149.68% and a negative return on equity of 26.29%. The company had revenue of $116.31 million during the quarter, compared to analyst estimates of $109.53 million. Analysts predict that Invitae Co. will post -2.79 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nan Fung Group Holdings Ltd acquired a new position in Invitae during the second quarter worth about $4,880,000. Parametric Portfolio Associates LLC boosted its position in Invitae by 45.4% during the second quarter. Parametric Portfolio Associates LLC now owns 63,519 shares of the medical research company’s stock worth $2,142,000 after acquiring an additional 19,832 shares during the last quarter. Muhlenkamp & Co. Inc. acquired a new position in Invitae during the second quarter worth about $216,000. Adalta Capital Management LLC acquired a new position in Invitae during the second quarter worth about $209,000. Finally, Invesco Ltd. boosted its position in Invitae by 86.8% during the second quarter. Invesco Ltd. now owns 74,437 shares of the medical research company’s stock worth $2,511,000 after acquiring an additional 34,588 shares during the last quarter. Institutional investors and hedge funds own 86.56% of the company’s stock.

Invitae Company Profile (NYSE:NVTA)

Invitae Corp. engages in the provision of genetic information into mainstream medical practice. It includes comprehensive panels for hereditary conditions in cancer, cardiology, neurology, pediatric, and rare diseases. The company was founded by Randal W. Scott and Sean E. George on January 13, 2010 and is headquartered in San Francisco, CA.

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