InVitae (NYSE:NVTA) Stock Price Down 7.6% on Insider Selling

InVitae Corp (NYSE:NVTA) shares traded down 7.6% on Thursday after an insider sold shares in the company. The stock traded as low as $24.31 and last traded at $24.43, 3,018,368 shares changed hands during trading. An increase of 61% from the average session volume of 1,871,117 shares. The stock had previously closed at $26.45.

Specifically, insider Randal W. Scott sold 30,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $17.60, for a total value of $528,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Katherine Stueland sold 3,789 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $22.49, for a total transaction of $85,214.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,547 shares of company stock worth $3,215,811. Corporate insiders own 5.70% of the company’s stock.

Several analysts recently issued reports on NVTA shares. Leerink Swann set a $31.00 target price on shares of InVitae and gave the company a “buy” rating in a research report on Wednesday, August 7th. Zacks Investment Research downgraded shares of InVitae from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Chardan Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of InVitae in a report on Tuesday, June 11th. Benchmark reaffirmed a “buy” rating and issued a $28.00 price objective (up previously from $26.00) on shares of InVitae in a report on Wednesday, August 7th. Finally, Oppenheimer set a $34.00 price target on shares of InVitae and gave the company a “buy” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. InVitae currently has a consensus rating of “Buy” and an average price target of $28.17.

The firm has a fifty day moving average of $24.83 and a 200-day moving average of $21.71. The firm has a market cap of $2.45 billion, a P/E ratio of -12.59 and a beta of 2.53. The company has a quick ratio of 7.18, a current ratio of 7.18 and a debt-to-equity ratio of 0.36.

InVitae (NYSE:NVTA) last released its quarterly earnings results on Tuesday, August 6th. The medical research company reported ($0.54) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by ($0.06). The firm had revenue of $53.48 million during the quarter, compared to the consensus estimate of $50.17 million. InVitae had a negative net margin of 83.69% and a negative return on equity of 58.48%. The business’s revenue for the quarter was up 43.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.47) earnings per share. Sell-side analysts anticipate that InVitae Corp will post -2.11 EPS for the current year.

Large investors have recently made changes to their positions in the business. Parallel Advisors LLC bought a new stake in InVitae during the 2nd quarter valued at approximately $25,000. PNC Financial Services Group Inc. acquired a new stake in shares of InVitae in the 1st quarter worth $26,000. Certified Advisory Corp acquired a new stake in shares of InVitae in the 1st quarter worth $30,000. First Quadrant L P CA acquired a new stake in shares of InVitae in the 2nd quarter worth $36,000. Finally, Signaturefd LLC acquired a new stake in shares of InVitae in the 1st quarter worth $47,000. Institutional investors and hedge funds own 87.51% of the company’s stock.

InVitae Company Profile (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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