Oppenheimer analyst Kevin Degeeter reiterated a Buy rating on Invitae (NVTA) today and set a price target of $21. The company’s shares closed yesterday at $16.51, close to its 52-week high of $18.38.
Degeeter noted:
“NVTA yesterday reiterated 2019 revenue guidance of $220M+ while providing operating expense outlook above our prior forecast. While management didn’t provide 1Q19 guidance, the overall tone was cautious with potential for materially higher near-term burn. We view the investment as necessary to sustain top-line growth (and our above-consensus 2019 revenue forecast) and would be buyers on NVTA shares on any weakness. We are revising our 2019 operating expense outlook— EPS goes to ($1.77) from ($1.53)—based on higher selling expense. We continue to believe the trajectory for adoption of NIPS and patient-initiated hereditary cancer testing could drive upside to 2019 sales consensus. However, management did not provide a material update on either program in the 4Q18 operating review. Reiterate Outperform, $21 PT.”
According to TipRanks.com, Degeeter is a 4-star analyst with an average return of 15.5% and a 50.6% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
Invitae has an analyst consensus of Moderate Buy, with a price target consensus of $21.
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Based on Invitae’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $29.84 million. In comparison, last year the company had a GAAP net loss of $40.49 million.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock.
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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 headuartered in San Francisco, CA.
