InVitae (NVTA) Raised to “Buy” at Zacks Investment Research

InVitae (NYSE:NVTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $26.00 price objective on the medical research company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.03% from the company’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. “

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $20.00 price target on shares of InVitae in a research note on Wednesday, February 20th. They noted that the move was a valuation call. Benchmark raised their price target on shares of InVitae from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Oppenheimer raised their price target on shares of InVitae from $21.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Finally, Chardan Capital started coverage on shares of InVitae in a research report on Monday, March 4th. They set a “buy” rating and a $29.00 target price on the stock. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $25.00.

NVTA stock opened at $23.63 on Wednesday. The stock has a market capitalization of $1.74 billion, a P/E ratio of -12.18 and a beta of 2.25. InVitae has a 12 month low of $5.31 and a 12 month high of $26.77. The company has a current ratio of 4.56, a quick ratio of 4.56 and a debt-to-equity ratio of 0.47.

InVitae (NYSE:NVTA) last posted its quarterly earnings results on Tuesday, February 19th. The medical research company reported ($0.40) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.02. The company had revenue of $45.36 million for the quarter, compared to the consensus estimate of $40.87 million. InVitae had a negative net margin of 87.58% and a negative return on equity of 88.93%. On average, equities research analysts expect that InVitae will post -1.81 EPS for the current fiscal year.

In other InVitae news, insider Katherine Stueland sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $25.23, for a total transaction of $25,230.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Shelly D. Guyer sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,650 shares of company stock worth $812,563 in the last three months. Insiders own 8.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of InVitae by 45.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,780 shares of the medical research company’s stock valued at $53,000 after buying an additional 1,486 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of InVitae in the 4th quarter valued at about $58,000. Great West Life Assurance Co. Can boosted its holdings in shares of InVitae by 173.1% in the 4th quarter. Great West Life Assurance Co. Can now owns 7,920 shares of the medical research company’s stock valued at $84,000 after buying an additional 5,020 shares in the last quarter. Focused Wealth Management Inc bought a new stake in shares of InVitae in the 4th quarter valued at about $88,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of InVitae in the 4th quarter valued at about $108,000. 74.69% of the stock is currently owned by institutional investors and hedge funds.

About InVitae

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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