InVitae (NYSE:NVTA) Given New $26.00 Price Target at Benchmark

InVitae (NYSE:NVTA) had its price target lifted by research analysts at Benchmark from $22.00 to $26.00 in a research report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the medical research company’s stock. Benchmark’s price objective suggests a potential upside of 14.99% from the stock’s current price.

Several other equities analysts have also recently commented on the company. Oppenheimer began coverage on Focus Financial Partners in a research report on Monday, April 8th. They set an “outperform” rating and a $48.00 target price for the company. Zacks Investment Research cut Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th. Finally, Chardan Capital restated a “buy” rating and set a $30.00 target price on shares of InVitae in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. InVitae has a consensus rating of “Buy” and a consensus price target of $26.40.

Shares of NYSE:NVTA traded down $0.41 during midday trading on Friday, reaching $22.61. 1,091,589 shares of the company traded hands, compared to its average volume of 1,895,456. The company has a quick ratio of 7.73, a current ratio of 7.73 and a debt-to-equity ratio of 0.37. InVitae has a 12 month low of $7.73 and a 12 month high of $26.77. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -11.65 and a beta of 2.52. The business’s fifty day moving average price is $20.40.

InVitae (NYSE:NVTA) last released its quarterly earnings data on Tuesday, May 7th. The medical research company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). InVitae had a negative net margin of 81.52% and a negative return on equity of 65.76%. The company had revenue of $40.55 million for the quarter, compared to the consensus estimate of $47.17 million. During the same quarter in the previous year, the firm posted ($0.66) earnings per share. The business’s revenue for the quarter was up 46.5% compared to the same quarter last year. As a group, equities analysts anticipate that InVitae will post -1.93 earnings per share for the current year.

In other InVitae news, General Counsel Thomas Brida sold 2,146 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $18.21, for a total value of $39,078.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Katherine Stueland sold 1,000 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $25.23, for a total transaction of $25,230.00. The disclosure for this sale can be found here. Insiders sold a total of 90,440 shares of company stock valued at $1,641,082 over the last quarter. Company insiders own 5.70% of the company’s stock.

Several large investors have recently bought and sold shares of NVTA. Casdin Capital LLC acquired a new stake in InVitae in the fourth quarter valued at about $2,053,000. Royce & Associates LLC purchased a new position in shares of InVitae during the fourth quarter valued at approximately $1,190,000. Rock Springs Capital Management LP raised its stake in InVitae by 22.1% in the fourth quarter. Rock Springs Capital Management LP now owns 622,900 shares of the medical research company’s stock worth $5,114,000 after buying an additional 112,900 shares in the last quarter. BlackRock Inc. raised its stake in InVitae by 0.3% in the first quarter. BlackRock Inc. now owns 35,889 shares of the medical research company’s stock worth $367,000 after buying an additional 113 shares in the last quarter. Finally, Royce & Associates LP raised its stake in InVitae by 7.9% in the first quarter. Royce & Associates LP now owns 156,412 shares of the medical research company’s stock worth $1,600,000 after buying an additional 11,476 shares in the last quarter. 78.93% of the stock is owned by hedge funds and other institutional investors.

InVitae Company Profile

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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