$20.59 Million in Sales Expected for InVitae Corp (NVTA) This Quarter
Equities analysts forecast that InVitae Corp (NASDAQ:NVTA) will post sales of $20.59 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for InVitae Corp’s earnings. The lowest sales estimate is $16.65 million and the highest is $23.57 million. InVitae Corp posted sales of $6.28 million during the same quarter last year, which suggests a positive year-over-year growth rate of 227.9%. The company is expected to announce its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that InVitae Corp will report full year sales of $20.59 million for the current fiscal year, with estimates ranging from $61.00 million to $74.22 million. For the next fiscal year, analysts expect that the firm will post sales of $148.25 million per share, with estimates ranging from $120.00 million to $171.85 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for InVitae Corp.
InVitae Corp (NASDAQ:NVTA) last announced its quarterly earnings results on Monday, August 7th. The medical research company reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by $0.02. The firm had revenue of $14.34 million during the quarter, compared to analyst estimates of $13.31 million. InVitae Corp had a negative net margin of 199.20% and a negative return on equity of 153.27%. The business’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.77) earnings per share.
NVTA has been the topic of several recent analyst reports. ValuEngine raised InVitae Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. BidaskClub raised InVitae Corp from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. J P Morgan Chase & Co reissued an “overweight” rating and issued a $15.00 price target (up from $14.00) on shares of InVitae Corp in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised InVitae Corp from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. InVitae Corp presently has a consensus rating of “Hold” and an average price target of $12.94.
Shares of InVitae Corp (NASDAQ NVTA) traded up 0.52% during mid-day trading on Friday, hitting $9.60. 235,304 shares of the company were exchanged. InVitae Corp has a 12-month low of $5.76 and a 12-month high of $11.88. The firm has a 50 day moving average of $9.56 and a 200 day moving average of $9.83. The company’s market capitalization is $418.02 million.
Institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC raised its position in shares of InVitae Corp by 30.4% in the second quarter. ARK Investment Management LLC now owns 982,170 shares of the medical research company’s stock valued at $9,390,000 after buying an additional 229,189 shares during the period. State Street Corp raised its position in shares of InVitae Corp by 43.1% in the second quarter. State Street Corp now owns 577,978 shares of the medical research company’s stock valued at $5,528,000 after buying an additional 174,016 shares during the period. Northern Trust Corp raised its position in shares of InVitae Corp by 39.0% in the second quarter. Northern Trust Corp now owns 433,113 shares of the medical research company’s stock valued at $4,140,000 after buying an additional 121,409 shares during the period. Vanguard Group Inc. raised its position in shares of InVitae Corp by 9.7% in the second quarter. Vanguard Group Inc. now owns 1,323,137 shares of the medical research company’s stock valued at $12,649,000 after buying an additional 116,871 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of InVitae Corp during the fourth quarter valued at about $879,000.
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About InVitae Corp
Invitae Corporation 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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