Wall Street analysts expect InVitae Corp (NASDAQ:NVTA) to report $20.59 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for InVitae Corp’s earnings, with the lowest sales estimate coming in at $16.65 million and the highest estimate coming in at $23.57 million. InVitae Corp reported sales of $6.28 million during the same quarter last year, which indicates 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 year, with estimates ranging from $61.00 million to $74.22 million. For the next fiscal year, analysts expect that the company will post sales of $148.25 million per share, with estimates ranging from $120.00 million to $171.85 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover InVitae Corp.
InVitae Corp (NASDAQ:NVTA) last issued its earnings results on Monday, August 7th. The medical research company reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.64) by ($0.02). The business had revenue of $14.34 million during the quarter, compared to the consensus estimate of $13.31 million. InVitae Corp had a negative return on equity of 153.27% and a negative net margin of 199.20%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.77) earnings per share.
Several research firms have weighed in on NVTA. Zacks Investment Research cut InVitae Corp from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. BidaskClub upgraded InVitae Corp from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $15.00 price objective (up previously from $14.00) on shares of InVitae Corp in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $13.50.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of InVitae Corp by 0.6% in the 1st quarter. Wellington Management Group LLP now owns 3,974,227 shares of the medical research company’s stock valued at $43,955,000 after purchasing an additional 25,100 shares during the period. Vanguard Group Inc. lifted its stake in shares of InVitae Corp by 9.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,323,137 shares of the medical research company’s stock valued at $12,649,000 after purchasing an additional 116,871 shares during the period. ARK Investment Management LLC lifted its stake in shares of InVitae Corp by 30.4% in the 2nd quarter. ARK Investment Management LLC now owns 982,170 shares of the medical research company’s stock valued at $9,390,000 after purchasing an additional 229,189 shares during the period. State Street Corp lifted its stake in shares of InVitae Corp by 43.1% in the 2nd quarter. State Street Corp now owns 577,978 shares of the medical research company’s stock valued at $5,528,000 after purchasing an additional 174,016 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of InVitae Corp by 39.0% in the 2nd quarter. Northern Trust Corp now owns 433,113 shares of the medical research company’s stock valued at $4,140,000 after purchasing an additional 121,409 shares during the period.
Shares of InVitae Corp (NASDAQ:NVTA) traded down 1.92% during midday trading on Friday, reaching $9.70. The company’s stock had a trading volume of 307,550 shares. InVitae Corp has a 12-month low of $5.76 and a 12-month high of $11.88. The company’s market capitalization is $422.38 million. The company’s 50-day moving average price is $9.47 and its 200 day moving average price is $9.47.
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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