Are Analysts Expecting A Better 2020 For Invitae Corporation (NVTA)?


ARK Investment Management LLC has recently announced that it has increased stake in Invitae Corporation (NYSE:NVTA) by 48.00%. After grabbing 23.82 million shares, the institutional investor is now in possession of 7.73 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 19.06% having worth around $695.56 million. Moreover, Baker Bros. Advisors LP increased its share by 2.75 million to have a control over 11.85 million shares. And Casdin Capital LLC raised its holdings to 5.56 million shares by acquiring 9.03 million shares or 7.23% of the stake.

Invitae Corporation (NVTA) concluded trading on 08/26/20 at a closing price of $34.16, with 2.01 million shares of worth about $68.59 million changed hands on the day. Weekly performance of the stock remained positive as price took a surge of 3.70% during that period and on Wednesday the price saw a gain of about 3.55%. Currently the company’s common shares owned by public are about 129.02M shares, out of which, 106.78M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the NVTA stock and their offered price forecasts bring an average price target of $32.65. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $37.25 and could fall to a lowest price of $20.00. Analysts also issued an outlook of 1.80 for the Invitae Corporation stock for next 12 months. The stock’s current price level is 4.61% above of average price target set by the analysts, while a rise to estimated low would result in loss of -70.8 for the stock. However, touching the estimated high of $37.25 would mean a gain of 8.3% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 69 times over the past 12 months. They bought 1,446,991 shares in 23 of the transactions. In 46 selling transactions, insiders dumped 462,373 shares.

ARK Innovation ETF, Nikko AM Global Umbrella Fund – A, and ARK Genomic Revolution ETF are the top 3 mutual funds which are holding stakes in Invitae Corporation ARK Innovation ETF is currently holding 15.6 million shares of worth totaling $455.48 million. The company recently came buying 0.17 million shares which brought its stake up to 12.48% of the company’s outstanding shares. Nikko AM Global Umbrella Fund – A bought 7.6 million shares, after which its hold over company’s outstanding shares expand to 6.14%, leaving 7.68 million shares with the mutual fund that have a worth of about $224.17 million. ARK Genomic Revolution ETF, after buying 6.05 million shares, have now control over 4.84% of the stake in the company. It holds 19726.0 shares of worth $176.51 million.

Invitae Corporation (NYSE: NVTA) started trading at $32.95, below -$0.04 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $34.16, or with a gain of 3.55%. Stock saw a price change of 3.70% in past 5 days and over the past one month there was a price change of 15.44%. Year-to-date (YTD), NVTA shares are showing a performance of 111.78% which increased to 42.69% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $7.41 but also hit the highest price of $36.50 during that period. While comparing its average daily trading volume of 3.12 million shares, we see that about 2.01 million changed hands on the day. The stock is currently trading 8.84% above its 20-day simple moving average (SMA20), while that difference is up 12.90% for SMA50 and it goes to 66.06% higher than SMA200.

ARK Investment Management LLC acquired 23.82 million shares of Invitae Corporation having value of about $695.56 million. Data submitted at the U.S SEC by ARK Investment Management LLC revealed that the firm now holds 7.73 million shares in the company valued at close to $263918861.92, or have control over 48.00% stake in the company. Invitae Corporation (NYSE: NVTA) currently have 129.02M outstanding shares and institutions hold larger chunk of about 91.60% of that. Holding of mutual funds in the company is about 47.57% while other institutional holders and individual stake holders have control over 48.49% and 17.38% of the stake respectively.

The stock has a current market capitalization of $4.30B and its 3Y-monthly beta is at 2.25. It has posted earnings per share of -$3.89 in the same period. It has Quick Ratio of 3.60 while making debt-to-equity ratio of 0.60. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for NVTA, volatility over the week remained 6.45% while standing at 6.83% over the month.

Analysts are in expectations that Invitae Corporation (NVTA) stock would likely to be making an EPS of -$0.69 in the current quarter, while forecast for next quarter ESPS is -$0.54 and it is -$1.63 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.91 which is -$0.55 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.69 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -37.40% while it is estimated to increase by 52.50% in next year. EPS is likely to grow at an annualized rate of 8.00% for next 5-years, compared to annual growth of -12.30% made by the stock over the past 5-years.

Analysts at 6 brokerage firms have issued recommendations for the Invitae Corporation (NVTA)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.80. Out of those 6 Wall Street analysts, 4 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by The Benchmark Company on July 01, 2020 offering a Hold rating for the stock and assigned a target price of to it. Coverage by The Benchmark Company stated Invitae Corporation (NVTA) stock as a Buy in their note to investors on August 07, 2019, suggesting a price target of $28 for the stock. On March 04, 2019, Chardan Capital Markets Initiated their recommendations, while on December 19, 2018, Oppenheimer Initiated their ratings for the stock with a price target of. Stock get a Buy rating from The Benchmark Company on November 20, 2018.


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