On January 31, 2023, Goldman Sachs downgraded their outlook for Invitae from Neutral to Sell.

Analyst Price Forecast Suggests 16.88% Upside

As of January 31, 2023, the average one-year price target for Invitae is $2.90. The forecasts range from a low of $1.01 to a high of $4.20. The average price target represents an increase of 16.88% from its latest reported closing price of $2.48.

The projected annual revenue for Invitae is $528MM, an increase of 1.50%. The projected annual EPS is $-1.64.

What are large shareholders doing?

ARK Investment Management holds 27,072,844 shares representing 11.15% ownership of the company. In it’s prior filing, the firm reported owning 30,468,381 shares, representing a decrease of 12.54%. The firm decreased its portfolio allocation in NVTA by 16.47% over the last quarter.

ARKK – ARK Innovation ETF holds 18,675,068 shares representing 7.69% ownership of the company. In it’s prior filing, the firm reported owning 18,534,029 shares, representing an increase of 0.76%. The firm increased its portfolio allocation in NVTA by 66.48% over the last quarter.

Nikko Asset Management Americas holds 17,275,351 shares representing 7.11% ownership of the company. In it’s prior filing, the firm reported owning 17,517,033 shares, representing a decrease of 1.40%. The firm increased its portfolio allocation in NVTA by 3.81% over the last quarter.

Sumitomo Mitsui Trust Holdings holds 17,256,161 shares representing 7.10% ownership of the company. In it’s prior filing, the firm reported owning 17,275,351 shares, representing a decrease of 0.11%. The firm decreased its portfolio allocation in NVTA by 27.90% over the last quarter.

Baker Bros. Advisors holds 8,402,035 shares representing 3.46% ownership of the company. In it’s prior filing, the firm reported owning 9,873,488 shares, representing a decrease of 17.51%. The firm decreased its portfolio allocation in NVTA by 0.96% over the last quarter.

Fund Sentiment

There are 453 funds or institutions reporting positions in Invitae. This is a decrease of 51 owner(s) or 10.12%.

Average portfolio weight of all funds dedicated to US:NVTA is 0.0509%, a decrease of 1.4630%. Total shares owned by institutions decreased in the last three months by 10.68% to 216,149K shares.

Invitae Background Information
(This description is provided by the company.)

Invitae Corporation is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae’s goal is to aggregate the world’s genetic tests into a single service with higher quality, faster turnaround time, and lower prices.

This article originally appeared on Fintel

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