InVitae (NYSE:NVTA) Shares Down 5.6%

Shares of InVitae Corp (NYSE:NVTA) dropped 5.6% during mid-day trading on Wednesday . The stock traded as low as $16.65 and last traded at $16.73, approximately 1,494,350 shares traded hands during trading. A decline of 22% from the average daily volume of 1,920,457 shares. The stock had previously closed at $17.72.

A number of equities analysts have recently issued reports on the company. ValuEngine upgraded InVitae from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Zacks Investment Research cut InVitae from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Chardan Capital set a $32.00 price objective on InVitae and gave the company a “buy” rating in a report on Sunday, August 25th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $27.83.

The company has a current ratio of 7.38, a quick ratio of 7.38 and a debt-to-equity ratio of 0.77. The company’s fifty day moving average is $17.86 and its 200 day moving average is $20.83. The company has a market cap of $1.71 billion, a P/E ratio of -8.62 and a beta of 2.53.

InVitae (NYSE:NVTA) last posted its quarterly earnings results on Wednesday, November 6th. The medical research company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.17). InVitae had a negative return on equity of 58.90% and a negative net margin of 99.49%. The business had revenue of $56.51 million during the quarter, compared to the consensus estimate of $55.00 million. Analysts anticipate that InVitae Corp will post -2.57 EPS for the current year.

In other news, insider Katherine Stueland sold 3,788 shares of InVitae stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.46, for a total value of $66,138.48. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in NVTA. Parallel Advisors LLC bought a new position in shares of InVitae in the second quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new stake in InVitae in the 2nd quarter worth $47,000. Advisory Services Network LLC purchased a new position in shares of InVitae in the second quarter valued at about $82,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of InVitae by 15.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,519 shares of the medical research company’s stock valued at $106,000 after acquiring an additional 606 shares during the last quarter. Finally, Prudential Financial Inc. bought a new position in shares of InVitae during the second quarter valued at about $203,000. Hedge funds and other institutional investors own 94.48% of the company’s stock.

About InVitae (NYSE:NVTA)

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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