InVitae Corp (NVTA) Stake Lessened by Bank of America Corp DE

Bank of America Corp DE cut its stake in InVitae Corp (NYSE:NVTA) by 63.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,988 shares of the medical research company’s stock after selling 119,768 shares during the period. Bank of America Corp DE’s holdings in InVitae were worth $752,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NVTA. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in InVitae by 45.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,780 shares of the medical research company’s stock worth $53,000 after buying an additional 1,486 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in InVitae during the fourth quarter worth approximately $58,000. Great West Life Assurance Co. Can boosted its holdings in InVitae by 173.1% during the fourth quarter. Great West Life Assurance Co. Can now owns 7,920 shares of the medical research company’s stock worth $84,000 after buying an additional 5,020 shares in the last quarter. Focused Wealth Management Inc bought a new stake in InVitae during the fourth quarter worth approximately $88,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in InVitae during the fourth quarter worth approximately $108,000. Institutional investors and hedge funds own 67.56% of the company’s stock.

Shares of NYSE:NVTA opened at $18.31 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 7.73 and a quick ratio of 7.73. The company has a market capitalization of $1.66 billion, a P/E ratio of -9.44 and a beta of 2.20. InVitae Corp has a 52 week low of $6.46 and a 52 week high of $26.77.

InVitae (NYSE:NVTA) last issued its quarterly earnings results on Tuesday, May 7th. The medical research company reported ($0.47) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by ($0.01). The firm had revenue of $40.55 million during the quarter, compared to analysts’ expectations of $47.17 million. InVitae had a negative net margin of 81.52% and a negative return on equity of 65.76%. The firm’s revenue was up 46.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.66) EPS. On average, research analysts expect that InVitae Corp will post -1.93 earnings per share for the current year.

A number of analysts recently weighed in on the stock. Zacks Investment Research cut shares of InVitae from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Benchmark raised their target price on shares of InVitae from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. Oppenheimer raised their target price on shares of InVitae from $21.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Chardan Capital assumed coverage on shares of InVitae in a report on Monday, March 4th. They set a “buy” rating and a $29.00 target price for the company. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $20.00 target price on shares of InVitae in a report on Wednesday, February 20th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $25.00.

In related news, Chairman Randal W. Scott sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $19.10, for a total value of $573,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO E Lee Bendekgey sold 4,650 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $19.62, for a total transaction of $91,233.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,307 shares of company stock valued at $900,021. 8.70% of the stock is owned by insiders.

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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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Institutional Ownership by Quarter for InVitae (NYSE:NVTA)

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