Invitae stock drops after Raymond James downgrade, Piper price cut

• Raymond James has downgraded Invitae (NYSE:NVTA) to underperform from market perform as it sees the company having difficulty dealing with its troubling balance sheet.
• "We are downgrading shares...on the grounds of what we view as a challenging path to rectifying a bleak balance sheet situation," analyst Andrew Cooper wrote.
• The stock is down 4% in early afternoon trading.
• While maintaining Invitae's (NVTA) underperform rating, Piper Sandler cut the company's price target to $1.50 from $1.75 (~8% upside based on Friday's close).

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