In a report released yesterday, Steven Wardell from Chardan Capital reiterated a Buy rating on Invitae (NVTA), with a price target of $32. The company’s shares closed last Monday at $24.
“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 the leader among high-growth digital health companies and view the stock as mispriced compared with its valuation peers. We reiterate our Buy rating and raise our 12-month Price Target PT to $32 based on higher comps.”
According to TipRanks.com, Wardell is a 4-star analyst with an average return of 15.5% and a 50.7% success rate. Wardell covers the Technology sector, focusing on stocks such as Benefitfocus, Phreesia Inc, and Model N.
Currently, the analyst consensus on Invitae is a Strong Buy with an average price target of $30.60.
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The company has a one-year high of $28.75 and a one-year low of $9.04. Currently, Invitae has an average volume of 2.02M.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NVTA in relation to earlier this year.
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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 headquartered in San Francisco, CA.