Gilder Gagnon Howe & Co. LLC increased its stake in shares of InVitae Corp (NYSE:NVTA) by 15.5% during the 2nd quarter, Holdings Channel reports. The fund owned 7,289,360 shares of the medical research company’s stock after purchasing an additional 979,097 shares during the quarter. InVitae makes up about 1.7% of Gilder Gagnon Howe & Co. LLC’s investment portfolio, making the stock its 11th largest position. Gilder Gagnon Howe & Co. LLC owned about 0.06% of InVitae worth $220,795,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in InVitae by 4.0% during the first quarter. Wells Fargo & Company MN now owns 759,231 shares of the medical research company’s stock worth $10,378,000 after purchasing an additional 29,386 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in InVitae by 1,364.5% during the first quarter. PNC Financial Services Group Inc. now owns 21,968 shares of the medical research company’s stock worth $301,000 after purchasing an additional 20,468 shares in the last quarter. FDx Advisors Inc. purchased a new position in InVitae during the second quarter worth approximately $416,000. Advisor Group Holdings Inc. purchased a new position in InVitae during the first quarter worth approximately $577,000. Finally, Rafferty Asset Management LLC boosted its position in InVitae by 120.8% during the second quarter. Rafferty Asset Management LLC now owns 59,072 shares of the medical research company’s stock worth $1,789,000 after purchasing an additional 32,314 shares in the last quarter. 98.58% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Robert L. Nussbaum sold 29,783 shares of InVitae stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $34.15, for a total value of $1,017,089.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sean E. George sold 15,473 shares of InVitae stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $32.10, for a total value of $496,683.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 152,213 shares of company stock valued at $5,017,212. 2.90% of the stock is owned by insiders.
NVTA stock traded down $2.21 during midday trading on Friday, hitting $32.12. 2,674,900 shares of the company’s stock were exchanged, compared to its average volume of 2,323,835. The business has a 50-day simple moving average of $32.08 and a two-hundred day simple moving average of $22.10. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $4.23 billion, a PE ratio of -8.17 and a beta of 2.26. InVitae Corp has a 1-year low of $7.41 and a 1-year high of $37.22.
InVitae (NYSE:NVTA) last posted its earnings results on Tuesday, August 4th. The medical research company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.15). The business had revenue of $46.20 million for the quarter, compared to analyst estimates of $39.63 million. InVitae had a negative return on equity of 77.82% and a negative net margin of 182.73%. InVitae’s revenue was down 14.4% compared to the same quarter last year. During the same period last year, the business earned ($0.54) EPS. As a group, research analysts expect that InVitae Corp will post -2.59 EPS for the current fiscal year.
Several equities analysts have recently weighed in on NVTA shares. Cowen raised their target price on InVitae from $18.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, June 26th. Benchmark downgraded InVitae from a “buy” rating to a “hold” rating in a research report on Wednesday, July 1st. Zacks Investment Research downgraded InVitae from a “buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Oppenheimer began coverage on InVitae in a research report on Tuesday, August 4th. They issued a “buy” rating and a $37.00 target price on the stock. Finally, SVB Leerink cut their price target on InVitae from $40.00 to $34.00 and set an “outperform” rating for the company in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $29.54.
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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