Oppenheimer analyst Kevin DeGeeter maintained a Buy rating on Invitae (NVTA) today and set a price target of $30. The company’s shares closed on Friday at $24.89, close to its 52-week high of $25.76.
DeGeeter observed:
“Increasing PT from $21 to $30 based on improved long-term competitive positioning for NVTA’s patient-initiated testing based on: 1) data presented at the ACMG meeting demonstrating poor performance for a leading DTC genetic test and 2) potential consolidation in DTC market as industry matures and economies of scale, quality/ clinical data and regulatory oversight drive market share. Our revised PT is not a comment on the 1Q19 financial outlook, which is unchanged. We note 1Q is typically one of the weakest of the year for sequential growth due a combination of weather and resetting of insurance deductibles. Furthermore, the levers for potential upside to 2019 results are weighted to 2H19 (uptake of NIPS, patient-initiated testing, impact of expanded sales and expanded test menu).”
According to TipRanks.com, DeGeeter is a 4-star analyst with an average return of 16.0% and a 52.1% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
Currently, the analyst consensus on Invitae is a Strong Buy with an average price target of $23.
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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 $36.12 million.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NVTA in relation to earlier this year. Last month, 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.
