Invitae Co. (NYSE:NVTA) Expected to Post Q3 2023 Earnings of ($0.30) Per Share

Posted by Defense World Staff on Aug 12th, 2023

Invitae Co. (NYSE:NVTA – Free Report) – Investment analysts at Leerink Partnrs upped their Q3 2023 earnings estimates for Invitae in a report released on Tuesday, August 8th. Leerink Partnrs analyst P. Souda now forecasts that the medical research company will post earnings of ($0.30) per share for the quarter, up from their prior forecast of ($0.33). The consensus estimate for Invitae’s current full-year earnings is ($1.48) per share. Leerink Partnrs also issued estimates for Invitae’s Q4 2023 earnings at ($0.29) EPS, FY2023 earnings at ($1.26) EPS, Q1 2024 earnings at ($0.29) EPS, Q2 2024 earnings at ($0.27) EPS, Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($1.06) EPS and FY2025 earnings at ($0.94) EPS.

NVTA has been the subject of several other reports. The Goldman Sachs Group decreased their price objective on shares of Invitae from $1.50 to $1.00 and set a “sell” rating for the company in a research note on Friday, July 21st. Piper Sandler decreased their price objective on shares of Invitae from $1.75 to $1.50 in a research note on Monday, May 15th. StockNews.com assumed coverage on shares of Invitae in a research note on Thursday, May 18th. They set a “sell” rating for the company. Finally, Raymond James downgraded shares of Invitae from a “market perform” rating to an “underperform” rating in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, Invitae has a consensus rating of “Reduce” and a consensus price target of $2.08.

Check Out Our Latest Analysis on NVTA

Invitae Price Performance

NVTA opened at $1.07 on Friday. The company has a quick ratio of 2.55, a current ratio of 2.97 and a debt-to-equity ratio of 15.68. Invitae has a 52-week low of $1.02 and a 52-week high of $6.35. The company has a 50 day moving average of $1.23 and a two-hundred day moving average of $1.48. The company has a market cap of $285.70 million, a P/E ratio of -0.33 and a beta of 1.74.

Invitae (NYSE:NVTA – Get Free Report) last released its earnings results on Tuesday, May 9th. The medical research company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.04. Invitae had a negative net margin of 161.92% and a negative return on equity of 6,100.71%. The firm had revenue of $117.36 million during the quarter, compared to the consensus estimate of $116.57 million. During the same period in the previous year, the firm earned ($0.78) earnings per share. Invitae’s revenue was down 5.1% compared to the same quarter last year.

Insider Transactions at Invitae

In other news, insider Robert L. Nussbaum sold 26,476 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $1.20, for a total transaction of $31,771.20. Following the transaction, the insider now owns 576,431 shares of the company’s stock, valued at $691,717.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Invitae news, insider Robert L. Nussbaum sold 26,476 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $1.20, for a total value of $31,771.20. Following the transaction, the insider now owns 576,431 shares of the company’s stock, valued at $691,717.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kenneth D. Knight sold 45,432 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $1.20, for a total transaction of $54,518.40. Following the completion of the transaction, the chief executive officer now directly owns 1,671,610 shares in the company, valued at approximately $2,005,932. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 144,005 shares of company stock valued at $208,409. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Invitae

A number of hedge funds have recently made changes to their positions in NVTA. ARK Investment Management LLC raised its holdings in shares of Invitae by 15.7% during the first quarter. ARK Investment Management LLC now owns 31,331,341 shares of the medical research company’s stock valued at $42,297,000 after buying an additional 4,258,497 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Invitae by 1,574.2% during the second quarter. Renaissance Technologies LLC now owns 2,017,082 shares of the medical research company’s stock valued at $2,279,000 after buying an additional 1,896,600 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Invitae during the first quarter valued at approximately $8,369,000. Squarepoint Ops LLC raised its holdings in shares of Invitae by 314.0% during the first quarter. Squarepoint Ops LLC now owns 1,327,210 shares of the medical research company’s stock valued at $1,792,000 after buying an additional 1,006,619 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in shares of Invitae by 449.1% during the fourth quarter. Panagora Asset Management Inc. now owns 793,004 shares of the medical research company’s stock valued at $1,475,000 after buying an additional 648,578 shares during the last quarter. Institutional investors own 70.10% of the company’s stock.

Invitae Company Profile

(Get Free Report)

Invitae Corporation, a medical genetics company, that provides genetic information to improve healthcare of people in the United States, Canada, and internationally. The company offers genetic tests in various clinical areas, including hereditary cancer, precision oncology, women's health, rare diseases, and pharmacogenomics; digital health solutions; and health data services.