Invitae (NVTA) Gets a Buy Rating from Chardan Capital


In a report released yesterday, Steven Wardell from Chardan Capital reiterated a Buy rating on Invitae (NVTA), with a price target of $30. The company’s shares closed yesterday at $19.91.

Wardell wrote:

“We liked the new strategic partnerships with biopharma companies, growth in billable tests, and improvement in average cost per sample during the quarter. We see NVTA as a leader among high-growth digital health companies and we see the stock as mispriced compared with its valuation peers. We see the potential for over 50% upside in the name in the next 12 months as Management executes and the stock trades more in line with its valuation comparable.”

According to TipRanks.com, Wardell is ranked #678 out of 5191 analysts.

Invitae has an analyst consensus of Moderate Buy, with a price target consensus of $30.

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Based on Invitae’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $37.68 million. In comparison, last year the company had a GAAP net loss of $36.12 million.

Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2019, Robert Nussbaum, the CMO of NVTA bought 10,000 shares for a total of $99,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Invitae Corp. engages in the provision of genetic information into mainstream medical practice. It includes comprehensive panels for hereditary conditions in cancer, cardiology, neurology, pediatric, and rare diseases. The company was founded by Randal W. Scott and Sean E. George on January 13, 2010 and is headquartered in San Francisco, CA.

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