InVitae (NVTA) Releases Earnings Results

InVitae (NYSE:NVTA) issued its earnings results on Wednesday. The medical research company reported ($0.45) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.47) by $0.02, Briefing.com reports. The firm had revenue of $37.37 million for the quarter, compared to the consensus estimate of $34.80 million. InVitae had a negative return on equity of 111.27% and a negative net margin of 125.03%. The company’s revenue was up 105.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.57) EPS.

Shares of NYSE NVTA traded up $0.18 during mid-day trading on Friday, hitting $13.01. 1,857,312 shares of the stock traded hands, compared to its average volume of 1,054,775. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.42. InVitae has a twelve month low of $4.35 and a twelve month high of $18.38. The company has a market cap of $990.15 million, a price-to-earnings ratio of -4.91 and a beta of 1.84.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nikko Asset Management Americas Inc. acquired a new stake in shares of InVitae during the 3rd quarter valued at $136,000. National Asset Management Inc. acquired a new stake in shares of InVitae during the 3rd quarter valued at $208,000. Bank of Montreal Can acquired a new stake in shares of InVitae during the 2nd quarter valued at $155,000. Metropolitan Life Insurance Co. NY boosted its holdings in shares of InVitae by 67.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 22,273 shares of the medical research company’s stock valued at $164,000 after acquiring an additional 8,979 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of InVitae by 44.2% during the 2nd quarter. Voya Investment Management LLC now owns 24,424 shares of the medical research company’s stock valued at $180,000 after acquiring an additional 7,488 shares in the last quarter. 73.78% of the stock is currently owned by institutional investors.

A number of brokerages have weighed in on NVTA. JPMorgan Chase & Co. raised their target price on InVitae to $16.00 and gave the company an “overweight” rating in a report on Thursday. ValuEngine raised InVitae from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 29th. Finally, Zacks Investment Research raised InVitae from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $12.40.

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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. The company's tests include multiple genes associated with hereditary cancer, neurological disorders, cardiovascular disorders, pediatric disorders, metabolic disorders, and other hereditary conditions; proactive health and wellness screening; and preimplantation embryo testing and carrier screening for inherited disorders, prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders.

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Earnings History for InVitae (NYSE:NVTA)

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