Leerink Partners Reaffirms Their Buy Rating on Invitae (NVTA)

Leerink Partners analyst Puneet Souda maintained a Buy rating on Invitae (NVTA) today and set a price target of $50.00. The company’s shares closed last Tuesday at $31.50.

According to TipRanks.com, Souda is a 5-star analyst with an average return of 21.2% and a 61.9% success rate. Souda covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, AbCellera Biologics, and Castle Biosciences.

Currently, the analyst consensus on Invitae is a Strong Buy with an average price target of $50.25, implying a 54.6% upside from current levels. In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $48.00 price target.

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Based on Invitae’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $100 million and GAAP net loss of $234 million. In comparison, last year the company earned revenue of $66.29 million and had a GAAP net loss of $76.91 million.

Based on the recent corporate insider activity of 103 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. Most recently, in March 2021, Sean George, the President & CEO of NVTA bought 23,333 shares for a total of $29,400.

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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