ARK Investment Management LLC recently announced the acquisition of new stake in Invitae Corporation (NYSE:NVTA). The institutional investor has increased its shareholding in the Healthcare company by 48.00% to 23.82 million shares with purchase of 7.73 million shares. This fresh investment now brings its stake to 19.06% valued currently at $695.56 million. In addition, Baker Bros. Advisors LP raised its holdings by 2.75 million to 11.85 million shares. And Casdin Capital LLC has lifted its position by 159.72% or 5.56 million shares – to 9.03 million shares.
With over 1.71 million Invitae Corporation (NVTA) shares trading Friday and a closing price of $34.35 on the day, the dollar volume was approximately $58.81 million. The shares have shown a negative weekly performance of -2.83% and its price on 08/28/20 gained nearly 4.06%. Currently, there are 129.02M common shares owned by the public and among those 106.68M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for NVTA have a consensus price objective of $35.81. The analysts have set the share’s price value over the next 12 months at a high of $37.25 and a low of $34.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Invitae Corporation stock is 1.80 for the next 12 months. The average price target is 4.08% above its last price level and an upside to the estimated low will see the stock lose -1.03% over that period. But an upside of 7.79% will see the stock hit the forecast high price target while mean target price for the stock is $36.00.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 1,446,991 shares. Insider sales of the common stock occurred on 46 occasions, with total insider shares sold totaling 462,373 shares.
The top 3 mutual fund holders in Invitae Corporation are ARK Innovation ETF, Nikko AM Global Umbrella Fund – A, and ARK Genomic Revolution ETF. ARK Innovation ETF owns 15.6 million shares of the company’s stock, all valued at over $455.48 million. The company bought an additional 0.17 million shares recently to bring their total holdings to about 12.48% of the shares outstanding. Nikko AM Global Umbrella Fund – A bought 7.6 million shares to see its total holdings expand to 7.68 million shares valued at over $224.17 million and representing 6.14% of the shares outstanding. ARK Genomic Revolution ETF bought 19726.0 shares to bring its total holdings to over 6.05 million shares at a value of $176.51 million. ARK Genomic Revolution ETF now owns shares totaling to 4.84% of the shares outstanding.
Shares of Invitae Corporation (NYSE: NVTA) opened at $33.23, up $0.22 from a prior closing price of $33.01. However, the script later closed the day at $34.35, up 4.06%. The company’s stock has a 5-day price change of -2.83% and 96.85% over the past three months. NVTA shares are trading 112.96% year to date (YTD), with the 12-month market performance up to 42.06% higher. It has a 12-month low price of $7.41 and touched a high of $36.50 over the same period. Currently, 1.71 million shares have been traded, compared to an average intraday trading volume of 3.11 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.99%, 11.18%, and 65.67% respectively.
Institutional ownership of Invitae Corporation (NYSE: NVTA) shares accounts for 91.50% of the company’s 129.02M shares outstanding. Mutual fund holders own 46.83%, while other institutional holders and individual stakeholders account for 49.23% and 17.38% respectively.
It has a market capitalization of $4.35B and a beta (3y monthly) value of 2.22. The earnings-per-share (ttm) stands at -$3.89. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.12% over the week and 7.03% over the month.
Analysts forecast that Invitae Corporation (NVTA) will achieve an EPS of -$0.69 for the current quarter, -$0.54 for the next quarter and -$1.63 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.91 while analysts give the company a high EPS estimate of -$0.55. Comparatively, EPS for the current quarter was -$0.69 a year ago. Earnings per share for the fiscal year are expected to decrease by -37.40%, and 52.50% over the next financial year. EPS should grow at an annualized rate of 8.00% over the next five years, compared to -12.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Invitae Corporation (NVTA) as a “Strong Buy” at a consensus score of 1.80. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 2 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NVTA, a number of firms have released research notes about the stock. The Benchmark Company stated their Hold rating for the stock in a research note on July 01, 2020, with the firm’s price target at. The Benchmark Company coverage for the Invitae Corporation (NVTA) stock in a research note released on August 07, 2019 offered a Buy rating with a price target of $28. Chardan Capital Markets was of a view on March 04, 2019 that the stock is Buy, while Oppenheimer gave the stock Outperform rating on December 19, 2018, issuing a price target of. The Benchmark Company on their part issued Buy rating on November 20, 2018.