Invitae (NVTA) Shares Gap Down on Insider Selling

Shares of Invitae (NYSE:NVTA) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $7.37, but opened at $6.55. Invitae shares last traded at $6.55, with a volume of 12902 shares.

Specifically, insider Randal W. Scott purchased 44,444 shares of the business’s stock in a transaction on Monday, April 2nd. The stock was purchased at an average price of $4.50 per share, with a total value of $199,998.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO E Lee Bendekgey sold 6,388 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $6.96, for a total value of $44,460.48. Following the completion of the transaction, the chief operating officer now directly owns 52,396 shares of the company’s stock, valued at approximately $364,676.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,515 shares of company stock valued at $281,984. Insiders own 8.70% of the company’s stock.

Several equities analysts have commented on the company. Zacks Investment Research cut Invitae from a “strong-buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase cut their price target on Invitae from $13.00 to $9.00 and set an “overweight” rating for the company in a report on Tuesday, February 13th. Benchmark cut their price target on Invitae from $11.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. Finally, ValuEngine cut Invitae from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $10.05.

The company has a quick ratio of 2.60, a current ratio of 2.53 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $467.74 million, a PE ratio of -2.47 and a beta of 1.03.

Invitae (NYSE:NVTA) last issued its earnings results on Wednesday, May 9th. The medical research company reported ($0.66) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.61) by ($0.05). Invitae had a negative return on equity of 127.38% and a negative net margin of 154.96%. The company had revenue of $27.67 million during the quarter, compared to analyst estimates of $26.86 million. During the same period in the previous year, the company posted ($0.64) earnings per share. The company’s quarterly revenue was up 167.6% on a year-over-year basis. equities research analysts anticipate that Invitae will post -2.22 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of NVTA. Schwab Charles Investment Management Inc. raised its holdings in shares of Invitae by 28.1% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 161,638 shares of the medical research company’s stock worth $1,515,000 after buying an additional 35,455 shares in the last quarter. Creative Planning acquired a new position in shares of Invitae in the 4th quarter worth approximately $459,000. Private Wealth Partners LLC raised its holdings in shares of Invitae by 75.0% in the 4th quarter. Private Wealth Partners LLC now owns 171,500 shares of the medical research company’s stock worth $1,557,000 after buying an additional 73,500 shares in the last quarter. Teton Advisors Inc. raised its holdings in shares of Invitae by 33.3% in the 4th quarter. Teton Advisors Inc. now owns 100,041 shares of the medical research company’s stock worth $908,000 after buying an additional 25,000 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in shares of Invitae by 20.8% in the 4th quarter. Gamco Investors INC. ET AL now owns 145,000 shares of the medical research company’s stock worth $1,317,000 after buying an additional 25,000 shares in the last quarter. 71.44% of the stock is owned by institutional investors and hedge funds.

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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