Ultime notizie per Invitae Corp (OTC:NVTA) Azioni

Invitae

Invitae Corp

INVITAE ORD

Thursday,&nbsp;Labcorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LH#NYSE">LH</a>) reported first-quarter sales increased 4.6% to $3.18 billion, beating the consensus of $3.12 billion. Base Business grew 6.7%.
The increase was due to organic revenue of 2.3%, acquisitions, net of divestitures of 1.8%, and foreign&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38426008/labcorp-announces-2024-first-quarter-results" rel="noreferrer noopener">currency translation of 0.5%</a>.&nbsp;
The 2.3% increase in organic revenue was driven by a 4.2% increase in the company&#8217;s organic Base Business, partially offset by a (1.9%) decrease in COVID-19 PCR testing (COVID-19 Testing).&nbsp;
The adjusted operating income margin for the quarter was 14.3%, almost unchanged from 14.7% a year ago.
Diagnostics Laboratories revenue for the quarter was&nbsp;$2.48&nbsp;billion, an increase of 4.1%.
Total volume increased by 3.4% as acquisition volume, net of divestitures contributed 2.2%, while organic volume increased by 1.2%.&nbsp;
Organic volume was up due to a 2.6% increase in the Base Business, including the negative impact&nbsp;from adverse weather&nbsp;of approximately 1%.&nbsp;Price/mix was up 1.9%.
Biopharma Laboratory Services revenue reached $710.9 million, up 7.5% due to organic growth of 5.1% and foreign currency translation of 2.4%.
Guidance:&nbsp;Labcorp expects 2024 adjusted EPS of $14.45-$15.35&nbsp;versus prior&nbsp;guidance&nbsp;of&nbsp;$14.30-$15.40&nbsp;and consensus of&nbsp;$14.82.
Labcorp&#8217;s&nbsp;2024 sales are expected to increase by 4.8%-6.4% compared to prior guidance of 4.7%-6.5%, Y/Y.
The guidance includes Diagnostics Laboratories sales growth guidance of 4.8%-6.0% and Biopharma Laboratory Services sales growth of 3.7%-5.7%, compared to prior guidance of 3.2%-4.8% and 5.5%-7.5%, respectively.
On&nbsp;Wednesday, the company said it will acquire bankrupt genetic test maker&nbsp;Invitae&nbsp;Corporation&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#OTC">NVTA</a>) for $239 million, a few months after the genetic test maker&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/36938401/softbank-backed-genetic-testing-invitaes-descent-from-7b-valuation-to-near-bankruptcy" rel="noreferrer noopener">filed for bankruptcy.</a>
Labcorp expects this transaction would generate approximately $275 million-$300 million in annual revenue, with&nbsp;the majority in specialty testing areas such as&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38420784/labcorp-announces-winning-bid-for-select-assets-of-invitae" rel="noreferrer noopener">oncology and rare diseases</a>.
William Blair&nbsp;suggests investors may seek clarification regarding the deal due to Invitae&#8217;s increased cash burn. If Invitae can control this, the acquisition could enhance its portfolio by utilizing Labcorp&#8217;s infrastructure, especially in oncology and rare diseases testing.&nbsp;
Labcorp&#8217;s aggressive M&amp;A approach, with over&nbsp;$475 million&nbsp;spent recently, may not significantly boost segment growth but could create long-term benefits by expanding solutions and customer reach in a changing market.
Price Action: LH shares are down 4.7% at $197.86 at last check Thursday.
Now Read: <a href="https://www.benzinga.com/markets/equities/24/04/38436183/magnificent-7-tumble-wipe-out-300-billion-on-metas-weak-guidance-q1-stagflation-woes">Magnificent 7 Tumble, Wipe Out $300 Billion On Meta&#8217;s Weak Guidance, Q1 Stagflation Woes</a>
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Laboratory Corporation Of America Holdings

NVTA

Labcorp's Q1 Revenue Surpasses Forecasts; Analysts Scrutinize Invitae Deal

<ul>
<li>Advances Labcorp strategy to launch and scale specialty testing&nbsp;in areas such as oncology and rare diseases</li>
<li>Transaction requires court approval, with confirmation expected on&nbsp;May 6, 2024</li>
</ul>

Reported Earlier, Labcorp Wins Bid For Invitae Assets To Boost Specialty Testing In Oncology And Rare Diseases

SoftBank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) backed Cohesity has agreed to the acquisition of the data protection business of Veritas Technologies LLC. The deal is valued at $3 billion, creating a combined entity worth $7 billion.
What Happened: Cohesity, a U.S.-based data security software company, is set to acquire the data protection business of Veritas, a subsidiary of Carlyle Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>). The deal, comprising cash and stock, is expected to be finalized by the end of the year, as per source-based report by Reuters.
The acquisition is anticipated to bolster Cohesity&#8217;s growth margins and facilitate its expansion into international markets. The combined annual revenue of the two firms is estimated at $1.6 billion.
CEO of Cohesity, Sanjay Poonen, highlighted the potential of the merged entity, and said, &#8220;You&#8217;ve got the fastest growth on our side and the best profitability on their side, combined together to be a profitable growth machine that&#8217;s innovating with AI.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/02/36971942/former-trump-challenger-chris-christie-not-ruling-out-running-as-an-independent-would-need-to-see-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chris Christie Is Not Ruling Out Independent Run To Challenge Donald Trump</a>
Notably, Cohesity&#8217;s AI-powered software is designed to help organizations safeguard and manage their data against cyber threats. The company has secured approximately $1 billion in equity and $2 billion in debt from investors, including Haveli Investments, Premji Invest, and Madrona, to finance the deal.
Cohesity and Veritas did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s&nbsp;request for comment.
Why It Matters: The acquisition of Veritas&#8217; data protection business is a significant move for Cohesity, especially in the context of its industry competition. The company&#8217;s biggest rival, Rubrik, is reportedly preparing for a stock market flotation in the near future.
This development also comes at a time when another SoftBank-backed company, Invitae Corporation, is <a href="https://www.benzinga.com/news/24/02/36938401/softbank-backed-genetic-testing-invitaes-descent-from-7b-valuation-to-near-bankruptcy">facing financial challenges</a>. Invitae, a medical genetics company, is reportedly considering filing for bankruptcy due to a substantial $1.5 billion debt burden.
On the other hand, SoftBank has been actively involved in the tech industry, with its <a href="https://www.benzinga.com/news/large-cap/23/09/34587555/softbanks-masayoshi-son-talks-ai-future-at-arms-historic-ipo">founder discussing the future of AI</a> at ARM Holdings PLC&#8216;s historic IPO in 2023. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/02/36974161/billionaire-investor-leon-cooperman-says-tesla-ceo-elon-musk-is-a-genius-but-hes-overcompensated?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Investor Leon Cooperman Says Tesla CEO Elon Musk Is A Genius &#8216;But He&#8217;s Overcompensated&#8217;</a>
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SFTBY

Softbank-Backed Cohesity To Acquire Veritas Data Security Unit For $3B: Report

U.S. stocks traded higher this morning, with the Dow Jones gaining around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.25% to 38,618.79 while the NASDAQ rose 0.34% to 15,661.70. The S&amp;P 500 also rose, gaining, 0.34% to 4,971.18.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/36978503/top-5-energy-stocks-that-may-explode-in-february"> Top 5 Energy Stocks That May Explode In February</a>
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<h3>Leading and Lagging Sectors</h3>
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Consumer discretionary shares rose by 0.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.2%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
Uber Technologies, Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>) reported better-than-expected fourth-quarter sales.
Uber reported fourth-quarter FY23 revenue growth of 15% year-on-year to $9.94 billion, beating the consensus of $9.76 billion. Uber&rsquo;s GAAP EPS of $0.29 beat the consensus of $0.17.
Uber expects first-quarter gross bookings of $37.0 billion to $38.5 billion and an adjusted EBITDA of $1.26 billion to $1.34 billion.
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<h3>Equities Trading UP</h3>
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MicroCloud Hologram Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/holo#NASDAQ">HOLO</a>) shares shot up 147% to $3.7007. MicroCloud Hologram said it is planning to join the Communications Industry Association.
Shares of Glatfelter Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glt#NYSE">GLT</a>) got a boost, surging 82% to $2.3301 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.
SMX (Security Matters) Public Limited Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smx#NASDAQ">SMX</a>) shares were also up, gaining 85% to $0.43.
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<h3>Equities Trading DOWN</h3>
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Invitae Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvta#NYSE">NVTA</a>) shares dropped 33% to $0.06. Invitae, backed by SoftBank Group, is reportedly on the brink of filing for bankruptcy in the coming weeks.
Shares of CytoMed Therapeutics Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gdtc#NASDAQ">GDTC</a>) were down 34% to $2.03.
Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>) was down, falling 32% to $11.90 after the company reported mixed quarterly results.
Also Check This Out:<a href="https://www.benzinga.com/news/24/02/36981099/spotify-to-rally-around-36-here-are-10-top-analyst-forecasts-for-wednesday"> Spotify To Rally Around 36%? Here Are 10 Top Analyst Forecasts For Wednesday </a>
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<h3>Commodities</h3>
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In commodity news, oil traded up 0.8% to $73.89 while gold traded up 0.1% at $2,053.80.
Silver traded down 0.2% to $22.435 on Wednesday while copper fell 0.5% to $3.763.
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<h3>Euro zone</h3>
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European shares were lower today. The eurozone&rsquo;s STOXX 600 fell 0.1%, London&rsquo;s FTSE 100 fell 0.4% while Spain&rsquo;s IBEX 35 Index fell 0.8% The German DAX fell 0.3% French CAC 40 fell 0.1% while Italy&rsquo;s FTSE MIB Index fell 0.1%.
France&rsquo;s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to &euro;6.83 billion in December from a &euro;5.9 billion gap in the previous month.
The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.
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<h3>Asia Pacific Markets</h3>
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Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.11%, Hong Kong&rsquo;s Hang Seng Index falling 0.34% and China&rsquo;s Shanghai Composite Index gaining 1.44%. India&rsquo;s S&amp;P BSE Sensex, meanwhile, fell 0.06%.
China&#39;s vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China&#39;s foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.
The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.
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<h3>Economics</h3>
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US mortgage applications increased by 3.7% on the week ending Feb. 2.
The trade deficit in the US came in at $62.2 billion in December versus a revised $61.9 billion gap in November.
Now Read This: <a href="https://www.benzinga.com/news/24/02/36977073/wall-streets-most-accurate-analysts-hold-sell-these-3-tech-and-telecom-stocks-with-over-3-dividend-y"> Wall Street&#39;s Most Accurate Analysts&#39; Views On 3 Tech And Telecom Stocks With Over 3% Dividend Yields </a>

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MicroCloud Hologram Inc. - Ordinary Shares

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UBER

US Stocks Gain; Uber Posts Upbeat Sales

WIIM

Invitae shares are trading lower following a report suggesting the company is preparing for bankruptcy.

Invitae Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>), backed by&nbsp;SoftBank Group&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>), is reportedly on the brink of filing for bankruptcy in the coming weeks.
The San Francisco-based medical genetics company, grappling with a substantial $1.5 billion debt burden, is enlisting the expertise of restructuring advisers from FTI Consulting and legal counsel from&nbsp;Kirkland &amp; Ellis&nbsp;to navigate its financial challenges.
Amidst this financial turmoil, Invitae is actively exploring various strategic options, and bankruptcy is a prominent consideration.&nbsp;
The company, known for its aggressive acquisition approach in recent years, has&nbsp;<a target="_blank" href="https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120?mod=latest_headlines" rel="noreferrer noopener">initiated</a>&nbsp;the shedding of assets and cost-cutting measures to address its precarious financial situation, the Wall Street Journal noted.
Notably, the downward trajectory of Invitae mirrors the struggles faced by its industry counterpart,&nbsp;23andMe Holdings Co&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ME#NASDAQ">ME</a>), a genetic testing company.&nbsp;
23andMe&#8217;s market cap plummeted from $6 billion in 2021 to a mere $332 million, reflecting the challenges within the genetic testing sector.
Invitae&#8217;s stock, which once soared above $50, dramatically declined. The company&#8217;s market cap, previously exceeding $7 billion, has dwindled significantly over the past 12 months, experiencing an 82% loss in value.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/05125946/newplot-2-1.png" alt="" class="wp-image-205110" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/05125946/newplot-2-1.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/05125946/newplot-2-1-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Having invested $1.2 billion in convertible debt in 2021 to support Invitae&#8217;s asset acquisition plans, SoftBank remains a stakeholder in the beleaguered company.&nbsp;
In January, Invitae sold its non-invasive prenatal and carrier screening business to&nbsp;Natera Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>) for $10 million. The transaction includes $42.5 million in potential milestone payments, including cash and&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/01/b36713009/natera-acquires-reproductive-health-assets-from-invitae" rel="noreferrer noopener">litigation-related credits</a>.
In December 2023, Invitae divested Ciitizen&#8217;s assets and announced strategic cost cuts, including workforce reduction and other operating expense reductions, with an anticipated cash savings of approximately $90 million-100 million on&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/23/12/n36225681/invitae-divests-ciitizen-health-data-platform-and-implements-further-cost-cuts" rel="noreferrer noopener">an annualized basis</a>.
Price Action: NVTA shares are down 68.80% at $0.122 on the last check Monday.
Photo via Wikimedia Commons

NTRA

SoftBank-Backed Genetic Testing Invitae's Descent from $7B Valuation to Near-Bankruptcy

<h3>Gainers</h3>
<ul>
<li>4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) stock increased by 75.2% to $30.64 during Monday's regular session. The company's market cap stands at $1.3 billion. </li>
<li>Yield10 Bioscience (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YTEN#NASDAQ">YTEN</a>) stock rose 61.76% to $0.37. The market value of their outstanding shares is at $4.4 million. </li>
<li>MorphoSys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOR#NASDAQ">MOR</a>) stock moved upwards by 50.76% to $16.69. The market value of their outstanding shares is at $2.5 billion. </li>
<li>Karyopharm Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KPTI#NASDAQ">KPTI</a>) shares moved upwards by 31.73% to $1.37. The company's market cap stands at $156.9 million. </li>
<li>Adverum Biotechnologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADVM#NASDAQ">ADVM</a>) stock moved upwards by 28.86% to $1.83. The company's market cap stands at $184.8 million. </li>
<li>Mira Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares moved upwards by 21.49% to $1.13. The company's market cap stands at $16.7 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>NanoString Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NSTG#NASDAQ">NSTG</a>) stock declined by 70.9% to $0.14 during Monday's regular session. The company's market cap stands at $6.5 million. </li>
<li>Invitae (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>) stock decreased by 61.9% to $0.15. The market value of their outstanding shares is at $42.5 million. </li>
<li>DMK Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DMK#NASDAQ">DMK</a>) shares fell 52.5% to $0.25. The company's market cap stands at $2.4 million. </li>
<li>Intelligent Bio Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INBS#NASDAQ">INBS</a>) shares fell 37.82% to $3.7. The company's market cap stands at $2.6 million. </li>
<li>Akanda (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAN#NASDAQ">AKAN</a>) stock declined by 18.18% to $0.32. The company's market cap stands at $1.8 million. </li>
<li>ASLAN Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASLN#NASDAQ">ASLN</a>) shares declined by 18.11% to $0.47. The market value of their outstanding shares is at $7.9 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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NSTG

YTEN

12 Health Care Stocks Moving In Monday's Intraday Session

<a href="https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120?st=02yzwzf1bnabmx0&amp;mod=googlenewsfeed">https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120?st=02yzwzf1bnabmx0&amp;mod=googlenewsfeed</a>
&nbsp;
<a href="https://www.wsj.com/market-data/quotes/NVTA">Invitae</a>, a medical genetics company that received backing from <a href="https://www.wsj.com/market-data/quotes/JP/XTKS/9984">SoftBank Group</a> at the height of the pandemic has hired restructuring advisers and is preparing to file for bankruptcy within weeks, according to people familiar with the matter.
&nbsp;
The company is working with <a href="https://www.wsj.com/market-data/quotes/FCN">FTI Consulting</a> and law firm Kirkland &amp; Ellis to explore strategic options, including bankruptcy, to address $1.5 billion in debt on its balance sheet, the people said.&nbsp;
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Financing

'Invitae Hires FTI, Kirkland & Ellis To Advise Options To Address $1.5B Of Debt As Company Prepares For Bankruptcy; Co Has Been Selling Assets To Shore Up Liquidity As Business Tanks' - WSJ

&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4079007-1&amp;h=1325332030&amp;u=https%3A%2F%2Fwww.invitae.com%2Fen&amp;a=Invitae" target="_blank">Invitae</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>), a leading medical genetics company, today announced a partnership with BridgeBio Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBIO#NASDAQ">BBIO</a>), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, designed to advance genetics-based drug discovery for rare diseases. The goal of the collaboration is to generate new insights focused on genetic modifiers and the discovery of novel therapeutic targets for rare diseases and other unmet medical needs.&nbsp;

BBIO

Invitae Partners with BridgeBio Pharma to Harness Genetic Insights for the Discovery of Rare Disease Therapeutics

Natera Has Acquired From Invitae Certain Assets Relating To Invitae's Non-invasive Prenatal Screening And Carrier Screening Business, For An Upfront Payment Of $10M. In Addition, The Transaction Includes $42.5M In Potential Milestone Payments

Invitae's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>) short percent of float has risen 6.1% since its last report. The company recently reported that it has 62.98 million shares sold short, which is 24.35% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.01 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Invitae Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1705582820_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Invitae has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Invitae's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Invitae's peer group average for short interest as a percentage of float is 5.44%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Looking Into Invitae's Recent Short Interest

Invitae's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>) short percent of float has risen 6.94% since its last report. The company recently reported that it has 59.35 million shares sold short, which is 22.95% of all regular shares that are available for trading. Based on its trading volume, it would take traders 7.26 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Invitae Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1704132928_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Invitae has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Invitae's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Invitae's peer group average for short interest as a percentage of float is 5.81%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(NVTA) - Analyzing Invitae's Short Interest

Shares of&nbsp;NeoGenomics Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/neo#NASDAQ">NEO</a>) fell Thursday after the company received a preliminary injunction from a North Carolina district court, which prohibits the company from&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/12/b36406689/natera-wins-preliminary-injunction-in-patent-infringement-lawsuit-against-neogenomics-radar-test" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">selling its RaDaR technology</a>.
In the suit,&nbsp;Natera Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ntra#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NTRA</a>) alleged that NeoGenomics&#39; RaDaR infringed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/b33475897/natera-files-patent-infringement-suit-against-neogenomics" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">on Natera&#39;s patent</a>.
NeoGenomics said in a statement Thursday morning that the company&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/12/ac36410071/neogenomics-to-appeal-ruling" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">plans to appeal the ruling</a>.
The injunction bars NeoGenomics from &quot;making, using, selling, or offering for sale in the U.S&hellip; the accused RaDaR assay&quot; or &quot;any assay or product not more than colorably different&quot; from the NeoGenomics RaDaR assay. In addition, the order prohibits NeoGenomics from &quot;promoting, advertising, marketing, servicing, distributing or supplying&quot; RaDaR to induce infringement by others.&nbsp;
NeoGenomics may continue to offer RaDaR for existing patients and clinical trials, studies, or projects already in process.
The news follows an order in a separate matter earlier this month by the Delaware Federal District Court, which issued a permanent injunction against&nbsp;Invitae Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvta#NYSE">NVTA</a>) and its Personalized Cancer Monitoring (PCM) product.&nbsp;
Needham&nbsp;expressed disappointment regarding the preliminary injunction, stating that it disrupts a crucial long-term growth factor for NEO.
The transformation and enhanced expansion in NEO&#39;s Clinical Services and Advanced Diagnostics sectors have been pivotal, driving substantial improvements in growth.&nbsp;
These advancements are considered the primary drivers behind NEO&#39;s notable share price performance in 2023, with RaDaR&#39;s influence being comparatively smaller.
William Blair&nbsp;notes that the development is expected to negatively impact stock sentiment since a significant aspect of the NeoGenomics narrative was centered around the exciting potential for long-term growth attributed to RaDaR.
This decision and the uncertainty surrounding RaDaR&#39;s potential return to the market raise doubts about the extent of the long-term potential upside in the model.
Price Action:&nbsp;NEO shares are down 18.60% at $16.69, and NTRA shares are up 2.58% at $62.80 on the last check Thursday.

Legal

US Court Prohibits NeoGenomics To Sell Type Of Diagnostic Kits To Detect Smaller Number Of Cancer Cells, Favoring Natera In Lawsuit

oday, the company also implemented efforts to significantly reduce its operating expenses via a workforce reduction and other cost saving initiatives, which include streamlining processes across its core platforms and optimizing its technology, professional services and other spending.
In combination with the Ciitizen transaction, these initiatives are anticipated to result in&nbsp; annualized cash savings of approximately $90-100 million, excluding one-time severance related payments.

Invitae Has Divested The Assets Of Ciitizen And Announced Strategic Cost Cuts, Which Will Include A Workforce Reduction And Other Operating Expense Reductions

Asset Sales

Aranscia Acquires Select Assets Of YouScript Personalized Medication Management Platform From Invitae In An All-cash Transaction; No Terms Disclosed

Aranscia Acquires YouScript From Invitae

Piper Sandler analyst David Westenberg maintains Invitae (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>) with a Underweight and lowers the price target from $0.4 to $0.3.

Price Target

Analyst Ratings

Piper Sandler Maintains Underweight on Invitae, Lowers Price Target to $0.3

<h3>Gainers</h3>
<ul>
<li>Intelligent Bio Solutions Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/inbs#NASDAQ">INBS</a>) shares climbed 83.5% to $0.4169 after reporting first-quarter results.</li>
<li>Astra Space, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/astr#NASDAQ">ASTR</a>) shares climbed 59.5% to $1.18 after the company announced it received a non-binding proposal from founders Chris Kemp and Adam London offering to acquire all of the outstanding common stock of the company not currently owned by Kemp and London.</li>
<li>Tempest Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tpst#NASDAQ">TPST</a>) gained 50% to $4.22 following third-quarter results.</li>
<li>Virgin Galactic Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spce#NYSE">SPCE</a>) surged 27.5% to $1.99 after the company reported better-than-expected third-quarter financial results.</li>
<li>The Honest Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hnst#NASDAQ">HNST</a>) gained 23% to $1.4780 following upbeat quarterly results.</li>
<li>Affirm Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/afrm#NASDAQ">AFRM</a>) rose 22.7% to $26.70 after the company reported better-than-expected first-quarter financial results and issued guidance.</li>
<li>Infinera Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/infn#NASDAQ">INFN</a>) gained 22.6% to $4.06 following preliminary third-quarter results..</li>
<li>JanOne Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jan#NASDAQ">JAN</a>) shares climbed 22.4% to $0.3936 as gaining over 7% on Wednesday.</li>
<li>Marathon Digital Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mara#NASDAQ">MARA</a>) gained 22% to $10.43 on the heels of the company&#39;s quarterly results.</li>
<li>SomaLogic, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/slgc#NASDAQ">SLGC</a>) rose 21.3% to $2.4750 following strong quarterly results.</li>
<li>PubMatic, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pubm#NASDAQ">PUBM</a>) shares climbed 20.4% to $14.57 after the company reported better-than-expected third-quarter financial results.</li>
<li>LiveRamp Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ramp#NYSE">RAMP</a>) rose 19.4% to $35.83 after the company posted upbeat second-quarter results and issued strong sales forecast.</li>
<li>OncoCyte Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocx#NASDAQ">OCX</a>) gained 18.5% to $2.55 following third-quarter results.</li>
<li>Braskem S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bak#NYSE">BAK</a>) shares rose 17.8% to $8.28 after Valor Economico Reported that Abu Dhabi&#39;s Adnoc Made a new offer to acquire a stake in the Brazilian petrochemical producer. Braskem also reported results for the third quarter.</li>
<li>Calumet Specialty Products Partners, L.P. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clmt#NASDAQ">CLMT</a>) surged 16.3% to $15.12 following third-quarter results.</li>
<li>Seritage Growth Properties (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/srg#NYSE">SRG</a>) gained 16.3% to $8.65 following third-quarter results.</li>
<li>Riot Platforms, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/riot#NASDAQ">RIOT</a>) rose 16.1% to $11.94.</li>
<li>Bloom Energy Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/be#NYSE">BE</a>) gained 15.4% to $11.57 after the company reported better-than-expected third-quarter financial results.</li>
<li>Jackson Financial Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jxn#NYSE">JXN</a>) climbed 14.4% to $44.55 following strong earnings.</li>
<li>Bakkt Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bkkt#NYSE">BKKT</a>) shares rose 14.2% to $0.7326 after declining 29% on Wednesday.</li>
<li>SenesTech, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snes#NASDAQ">SNES</a>) gained 13.2% to $0.3225.</li>
<li>Carrols Restaurant Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tast#NASDAQ">TAST</a>) gained 10.8% to $6.90 after the company reported better-than-expected third-quarter financial results.</li>
<li>Globavend Holdings Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gvh#NASDAQ">GVH</a>) shares climbed 10.4% to $2.8501. Globavend Holdings recently announced pricing of $6 million initial public offering of 1.5 million shares of common stock at a price of $4 per share.</li>
<li>The Walt Disney Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dis#NYSE">DIS</a>) rose 6.2% to $89.74 after the company reported better-than-expected quarterly adjusted EPS results.</li>
<li>Tapestry, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpr#NYSE">TPR</a>) gained 6.2% to $29.17 following upbeat earnings.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Enviva Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eva#NYSE">EVA</a>) tumbled 75.3% to $0.9501 following third-quarter results. Enviva named Glenn Nunziata as interim Chief Executive Officer in addition to his CFO role.</li>
<li>ContraFect Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cfrx#NASDAQ">CFRX</a>) fell 69.4% to $0.0711.</li>
<li>Atara Biotherapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/atra#NASDAQ">ATRA</a>) dipped 67% to $0.40 after the company said that primary analysis data from its Phase 2 EMBOLD study of ATA188 in non-active progressive multiple sclerosis (PMS) did not meet the primary endpoint of confirmed disability improvement (CDI) by expanded disability status scale (EDSS) at 12 months compared to placebo.</li>
<li>Ikena Oncology, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ikna#NASDAQ">IKNA</a>) declined 61% to $1.5768 following weak sales.</li>
<li>WideOpenWest, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wow#NYSE">WOW</a>) shares fell 59.3% to $3.0050 following third-quarter results. Keybanc downgraded WideOpenWest from Overweight to Sector Weight.</li>
<li>Cardlytics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdlx#NASDAQ">CDLX</a>) shares declined 55% to $6.16 after the company reported downbeat sales results for the third quarter.</li>
<li>Wearable Devices Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wlds#NASDAQ">WLDS</a>) shares dipped 53.9% to $0.42 after the company announced a public offering of 4,444,444 ordinary shares at a price of $0.45 per share.</li>
<li>Acutus Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/afib#NASDAQ">AFIB</a>) fell 46.6% to $0.2500 following quarterly results.</li>
<li>Assertio Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asrt#NASDAQ">ASRT</a>) fell 46.2% to $1.14 after the company reported worse-than-expected third-quarter financial results.</li>
<li>James River Group Holdings, Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jrvr#NASDAQ">JRVR</a>) dipped 35.8% to $8.44. James River Group recently reported worse-than-expected third-quarter revenue results.</li>
<li>NuScale Power Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/smr#NYSE">SMR</a>) shares fell 32.5% to $2.0907 after the company reported weak quarterly sales.</li>
<li>Fossil Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fosl#NASDAQ">FOSL</a>) fell 31.1% to $1.1915 following third-quarter results.</li>
<li>Cardio Diagnostics Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdio#NASDAQ">CDIO</a>) declined 29% to $0.9771. The company recently announced Family Medicine Specialists selected the company&#39;s epigenetic-genetic tests to identify patients at risk for coronary heart disease.</li>
<li>Amylyx Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amlx#NASDAQ">AMLX</a>) fell 26.8% to $13.17 after the company reported worse-than-expected third-quarter financial results.</li>
<li>ProAssurance Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pra#NYSE">PRA</a>) declined 25.5% to $13.16 following third-quarter financial results.</li>
<li>Inspired Entertainment, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/inse#NASDAQ">INSE</a>) fell 25.3% to $7.77. Inspired said it requires additional time to complete financial statements for the third quarter and restate certain previously issued financial statements.</li>
<li>Cyngn Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cyn#NYSE">CYN</a>) fell 24.7% to $0.1994 following weak sales.</li>
<li>Traeger, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cook#NYSE">COOK</a>) declined 22.2% to $2.2950 following quarterly earnings.</li>
<li>Invitae Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvta#NYSE">NVTA</a>) fell 22% to $0.5352 following quarterly results.</li>
<li>FREYR Battery (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/frey#NYSE">FREY</a>) declined 21.3% to $2.6350 after reporting quarterly earnings.</li>
<li>GoodRx Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gdrx#NASDAQ">GDRX</a>) fell 16% to $4.5597 following third-quarter results.</li>
<li>Royalty Management Holding Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rmco#NASDAQ">RMCO</a>) dipped 16% to $6.79.</li>
<li>Topgolf Callaway Brands Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/modg#NYSE">MODG</a>) fell 15.9% to $10.47 after the company reported mixed third-quarter financial results.</li>
<li>Cipher Mining Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cifr#NASDAQ">CIFR</a>) declined 15.4% to $3.02. Bitfury Group announced sale of 10 million shares of Cipher Mining common stock at a price of $2.95 per share and lock-up agreement for remaining holding.</li>
<li>BILL Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bill#NYSE">BILL</a>) shares fell 14.8% to $52.94. Bill Holdings is in advanced talks to acquire Melio Payments, Bloomberg reported, citing people with knowledge of the matter.</li>
<li>Phibro Animal Health Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pahc#NASDAQ">PAHC</a>) dipped 14% to $10.35 following weak results.</li>
<li>Genpact Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/g#NYSE">G</a>) dropped 13.8% to $29.93 following weak sales.</li>
<li>AMC Entertainment Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) fell 13.8% to $8.69 after the company reported quarterly financial results and announced a $350 million at-the-market offering.</li>
<li>Luminar Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lazr#NASDAQ">LAZR</a>) shares declined 13.2% to $3.1938 after the company reported mixed third-quarter financial results.</li>
<li>AerSale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asle#NASDAQ">ASLE</a>) declined 12.4% to $13.44 after the company reported worse-than-expected third-quarter financial results.</li>
<li>Ginkgo Bioworks Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dna#NYSE">DNA</a>) shares fell 12% to $1.3116 following a wider-than-expected quarterly loss.</li>
<li>Instacart (Maplebear Inc.) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cart#NASDAQ">CART</a>) fell 11.1% to $24.21 following third-quarter results.</li>
<li>HeartCore Enterprises, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/htcr#NASDAQ">HTCR</a>) shares fell 11% to $0.4724 after declining 7% on Wednesday.</li>
<li>Krispy Kreme, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dnut#NASDAQ">DNUT</a>) declined 8.9% to $12.24 following weak results.</li>
<li>Myriad Genetics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mygn#NASDAQ">MYGN</a>) shares declined 6.4% to $16.73 after announcing pricing of upsized offering of common stock.</li>
<li>Arm Holdings plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arm#NASDAQ">ARM</a>) fell 6.2% to $51.02 after the company reported second-quarter financial results and issued guidance.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) shares declined 5% to $7.92 after posting weak quarterly sales.</li>
<li>CCC Intelligent Solutions Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cccs#NASDAQ">CCCS</a>) shares declined 4.1% to $11.21. CCC Intelligent Solutions priced secondary offering of 65 million shares at $10.50 per share.</li>
</ul>
&nbsp;
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Why AMC Entertainment Shares Are Trading Lower By Around 14%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

Reaffirming Fiscal 2023 Outlook
For the full year, Invitae is reaffirming its fiscal 2023 outlook. The Company expects revenue in the range of $480-$500 million and non-GAAP gross margin in the range of 48-50%.
Ongoing cash burn includes cash, cash equivalents, marketable securities and restricted cash and excludes certain items. The Company continues to expect ongoing cash burn to be in the range of $220-$245 million in 2023. In 2023, cash burn will be higher than ongoing cash burn as a result of the Company's voluntary repayment of its $135 million term loan in the first quarter of 2023.&nbsp;

Invitae Reaffirms FY23 Revenue $480M-$500M Vs $486.02M Est.

Invitae (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#NYSE">NVTA</a>) reported quarterly losses of $(0.10) per share which beat the analyst consensus estimate of $(0.31) by 67.74 percent. This is a 76.19 percent increase over losses of $(0.42) per share from the same period last year. The company reported quarterly sales of $121.24 million which beat the analyst consensus estimate of $121.02 million by 0.18 percent. This is a 9.21 percent decrease over sales of $133.54 million the same period last year.

Earnings Beats

Invitae Q3 EPS $(0.10) Beats $(0.31) Estimate, Sales $121.24M Beat $121.02M Estimate

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Medical genetics firm Invitae (NYSE:<a href="https://investorplace.com/stock-quotes/nvta-stock-quote/">NVTA</a>) suffered a shocking fall from grace as insider reports point to an upcoming bankruptcy filing. Although the company forwarded a compelling concept &mdash; leveraging genetic testing and diagnostics to assess hereditary disease risks &mdash; the business model didn&rsquo;t resonate with customers or investors. As a result, NVTA stock suffered a 75% drop in market value.



According to The Wall Street Journal, Invitae&rsquo;s <a href="https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120?siteid=yhoof2">bankruptcy filing could come within weeks</a>, according to people familiar with the matter. Further, the sources revealed that the genetics specialist is working with FTI Consulting (NYSE:<a href="https://investorplace.com/stock-quotes/fcn-stock-quote/">FCN</a>) &mdash; a business consultancy enterprise specializing in restructuring services &mdash; and law firm Kirkland &amp; Ellis to explore strategic options. These potential pathways include bankruptcy to address $1.5 billion in debt on its balance sheet.



Interestingly, the San Francisco-based Invitae had been on an acquisition spree in recent years. However, it just started to shed some assets and cut costs. In particular, the WSJ noted the parallels between the collapse of NVTA stock and the more popular industry peer 23andMe (NASDAQ:<a href="https://investorplace.com/stock-quotes/me-stock-quote/">ME</a>). Like Invitae, 23andMe is a genetic testing company that focuses on both ancestry discovery and hereditary health profiling.



Similar to NVTA stock, ME shares benefited from a pandemic-period investment boom. However, after the honeymoon phase ended, both companies ended up becoming literal <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a>.



<h2>An Intriguing Idea Couldn&rsquo;t Move the Needle for NVTA Stock</h2>



On the surface, the concept undergirding NVTA stock should have been a clear winner. Through genetic testing, individuals can understand their risk factors for various diseases. Subsequently, they can modify their lifestyle or dietary habits to address potential concerns. However, in practice, the concept of using genetic testing in this manner has run into challenges and even controversies.



As another WSJ article pointed out regarding 23andMe&rsquo;s troubles, the central business challenge for testing products is that <a href="https://www.wsj.com/health/healthcare/23andme-anne-wojcicki-healthcare-stock-913468f4">customers only need to take the test once</a>. Therefore, it&rsquo;s tough for such enterprises to <a href="https://www.gurufocus.com/stock/NVTA/financials">grow their top line</a>, a problem that became noticeable for Invitae in 2022. Back then, revenue came in at $516.3 million, representing a relatively modest 12.1% year-over-year lift.



Second, few of 23andMe&rsquo;s test-takers received life-altering health results. Moreover, the potential for such results to be used against customers may have contributed to the sector&rsquo;s decline.



While the Genetic Information Nondiscrimination Act (GINA) of 2008 prohibits health insurance companies from using genetic information to make coverage or rate decisions, <a href="https://www.forbes.com/advisor/life-insurance/genetic-testing/#:~:text=The%20Genetic%20Information%20Nondiscrimination%20Act,or%20long%2Dterm%20care%20insurance.">such protections do not extend</a> to life insurance, disability insurance or long-term care insurance. In 2018, the Journal of Law, Medicine &amp; Ethics published a paper <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8607993/">calling for the end of the use of genetic test results in life insurance underwriting</a>.



<h2>Why It Matters</h2>



Conspicuously, NVTA stock represents one of the rare consensus analyst ratings of <a href="https://www.tipranks.com/stocks/nvta/forecast">moderate sell</a>. However, that hasn&rsquo;t stopped some market participants from speculating on the embattled company. Earlier in the day, Fintel&rsquo;s <a href="https://fintel.io/sof/us/nvta">options flow</a> screener shows 549 contracts sold of the NVTA Jan 17 &rsquo;25 2.00 Call. By logical necessity, traders on the opposite side of the transaction are buying these calls.



On Penny Stocks and Low-Volume Stocks:&#8239;With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.&nbsp;



Read More:&#8239;Penny Stocks &mdash; <a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank">How to Profit Without Getting Scammed</a>&nbsp;



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/02/why-is-invitae-nvta-stock-down-75-today/">Why Is Invitae (NVTA) Stock Down 75% Today?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Why Is Invitae (NVTA) Stock Down 75% Today?

Invitae plunges amid report it may file for bankruptcy within weeks (update)

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Invitae (NYSE:<a href="https://investorplace.com/stock-quotes/nvta-stock-quote/">NVTA</a>) stock fell as much as 78% yesterday before it was ultimately <a href="https://www.nyse.com/trade-halt">halted</a> because undisclosed news about the firm was pending. Many investors now expect that the SoftBank (OTCMKTS:<a href="https://investorplace.com/stock-quotes/sftby-stock-quote/">SFTBY</a>) backed genetic testing specialist will file for bankruptcy before the end of this week.



<h2>Invitae Is Reportedly Looking to Declare Bankruptcy</h2>



Invitae &ldquo;is preparing to file for bankruptcy within weeks,&rdquo; The Wall Street Journal <a href="https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120">reported late yesterday afternoon</a>, citing unnamed sources. NVTA has hired Kirkland &amp; Ellis, Moelis &amp; Company, and FTI Consulting to help it find a way of dealing with its $1.5 billion debt, the newspaper added. 



Kirkland &amp; Ellis <a href="https://www.kirkland.com/services/practices/restructuring">represents companies</a> that have declared bankruptcy, <a href="https://www.moelis.com/product-offering/recapitalization-restructuring/">while Moelis</a> and FTI Consulting <a href="https://www.fticonsulting.com/industries/hospitality-gaming-and-leisure/restructuring-bankruptcy-interim-management-receiverships">have also worked</a> with such firms. 



<h2>More Information About Invitae</h2>



NVTA refused to <a href="https://seekingalpha.com/news/4062669-invitae-plunges-amid-report-it-may-file-for-bankruptcy-within-weeks">respond to questions</a> from Seeking Alpha on the issue. The firm, however, referred to a statement that it had made in conjunction with its third-quarter results, which were unveiled in November:




&ldquo;&hellip;engaging with stakeholders to strengthen the balance sheet, and the Board of Directors has formed a special committee focused on improving the Company&rsquo;s capital structure. The Company is exploring a number of options, including, but not limited to, raising capital, asset sales, business and R&amp;D refocusing efforts, capital expenditure and operating expense reductions and addressing its debt obligations.&rdquo;




In 2020, the price of NVTA stock exceeded $50. The shares were halted yesterday at $0.089. 



The firm has acquired multiple companies in recent years, while its debt has greatly increased.



On Jan. 22, DNA testing company Natera (NASDAQ:<a href="https://investorplace.com/stock-quotes/ntra-stock-quote/">NTRA</a>) <a href="https://seekingalpha.com/pr/19597353-natera-acquires-reproductive-health-assets-from-invitae">reported that it had bought</a> &ldquo;assets relating to Invitae&rsquo;s non-invasive prenatal screening and carrier screening business&rdquo; for $52.5 million. However, only $10 million of that sum was paid upfront, while the remainder consists of performance-based payments that depend on the assets&rsquo; performance. 



<h2>The Price Action of NVTA Stock</h2>



As of early morning trading today, NVTA stock had slumped 84% in the last month, 87% in the preceding three months, and 96% in the preceding 12 months.



On Penny Stocks and Low-Volume Stocks:&#8239;With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.&nbsp;



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On the date of publication, Larry Ramer&nbsp;did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel&rsquo;s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/02/nvta-stock-invitae-plunges-78-on-the-brink-of-bankruptcy/">NVTA Stock: Invitae Plunges 78% on the Brink of Bankruptcy</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

NVTA Stock: Invitae Plunges 78% on the Brink of Bankruptcy

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Agrify&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/agfy-stock-quote/">AGFY</a>) stock is taking off on Tuesday as investors celebrate the company reaching a milestone at Lume Cannabis&rsquo; Michigan facility.



According to a <a href="https://finance.yahoo.com/news/agrify-corporation-achieves-milestone-px-123000903.html">press release from Agrify</a>, it has successfully installed a PX-30 Hydrocarbon Extraction System at the Michigan location. This is an upgrade over the previous Agrify XMU Hydrocarbon Extraction System used at this facility.



Stan Gourentchik, Lab Manager at Lume Cannabis, said this about the new Agrify PX-30 Hydrocarbon Extraction System:




&ldquo;Having owned a Precision XMU for the past year and a half, the Precision PX-30 was the natural choice for Lume when we decided to expand our resin extraction capabilities. The Precision Extraction team has been great to work with and we appreciate their efforts to do anything in their power to ensure their customers have a smooth installation and startup experience.&rdquo;




<h2>What This Means for AGFY Stock</h2>



This successful installation of the PX-30 Hydrocarbon Extraction System shows that there continues to be demand for Agrify&rsquo;s products in the cannabis and hemp sectors. This has investors excited about the potential of other locations choosing Agrify&nbsp;for their extraction technology.



AGFY stock is up 57.4% as of Tuesday morning, with more than 30 million shares changing hands as of this writing. That&rsquo;s already well above its daily average trading volume of about 2 million shares.



Investors who want more of the latest stock market stories are in luck!



We&rsquo;re offering up all of the hottest stock market news worth reading about on Tuesday! A few examples include what&rsquo;s going on with shares of Invitae&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/nvta-stock-quote/">NVTA</a>), UBS&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/ubs-stock-quote/">UBS</a>) and EHang&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/eh-stock-quote/">EH</a>) stock today. You can find more on these topics at the links below!



<h2>More Stock Market News for Tuesday</h2>



<ul><li><a href="https://investorplace.com/2024/02/nvta-stock-invitae-plunges-78-on-the-brink-of-bankruptcy/">NVTA Stock: Invitae Plunges 78% on the Brink of Bankruptcy</a></li>



<li><a href="https://investorplace.com/2024/02/ubs-layoffs-2024-what-to-know-about-the-latest-ubs-job-cuts/">UBS Layoffs 2024: What to Know About the Latest UBS Job Cuts</a></li>



<li><a href="https://investorplace.com/2024/02/why-is-ehang-eh-stock-up-9-today/">Why Is EHang (EH) Stock Up 9% Today?</a></li>
</ul>On Penny Stocks and Low-Volume Stocks:&#8239;With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.&nbsp;



Read More:&#8239;Penny Stocks &mdash; <a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank">How to Profit Without Getting Scammed</a>&nbsp;



On the date of publication, William White&nbsp;did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
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	The post <a href="https://investorplace.com/2024/02/why-is-agrify-agfy-stock-up-57-today/">Why Is Agrify (AGFY) Stock Up 57% Today?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Why Is Agrify (AGFY) Stock Up 57% Today?

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Yesterday, shares of Invitae (NYSE:<a href="https://investorplace.com/stock-quotes/nvta-stock-quote/">NVTA</a>) stock plummeted lower by over 75% after The Wall Street Journal reported that the genetic testing services company was <a href="https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120">preparing for bankruptcy</a>. Invitae has hired advisors Kirkland &amp; Ellis, Moelis &amp; Company, and FTI Consulting to figure out what to do with its $1.5 billion of debt amid a possible bankruptcy filing. 



This morning, the New York Stock Exchange (NYSE) announced that it would begin the process of <a href="https://www.businesswire.com/news/home/20240206569052/en/NYSE-to-Commence-Delisting-Proceedings-Against-Invitae-Corporation-NVTA">delisting NVTA stock</a> due to its&nbsp;&ldquo;abnormally low&rdquo; price. Trading of the stock was also suspended.



&ldquo;The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange,&rdquo; said the NYSE. &ldquo;The NYSE will apply to the Securities and Exchange Commission to delist the Company&rsquo;s common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff&rsquo;s decision.&rdquo;



<h2>NYSE Begins the Process of Delisting NVTA Stock</h2>



In September, the NYSE notified Invitae that it was in <a href="https://www.prnewswire.com/news-releases/invitae-receives-notice-of-non-compliance-with-nyse-minimum-share-price-continued-listing-standard-301936564.html">noncompliance</a> with its continued listing standards. This was due to its shares having an average closing price below $1 over a consecutive 30-day trading period.



Backed by SoftBank (OTCMKTS:<a href="https://investorplace.com/stock-quotes/sftby-stock-quote/">SFTBY</a>), Invitae once traded at a market capitalization as high as $7 billion while its shares reached $50 a piece. Now, shares of NVTA are below 10 cents. This puts NVTA stock well within penny stock territory.



The biotechnology company was also a favorite of Cathie Wood&rsquo;s Ark Invest. According to Cathie&rsquo;s Ark, Ark still owns <a href="https://cathiesark.com/ark-combined-holdings-of-nvta">26.54 million shares</a> of NVTA. Yesterday, the fund manager sold <a href="https://twitter.com/ArkkDaily/status/1754677357183418446/photo/1">240,941 shares</a> through the ARK Innovation (NYSEMKT:<a href="https://investorplace.com/stock-quotes/arkk-stock-quote/">ARKK</a>) and ARK Genomic Revolution (BATS:<a href="https://investorplace.com/stock-quotes/arkg-stock-quote/">ARKG</a>) exchange-traded funds (ETFs).



<h2>A November Warning and Rising Losses</h2>



Meanwhile, Invitae issued a cautious warning last November, stating that it had formed a <a href="https://seekingalpha.com/news/4062669-invitae-plunges-amid-report-it-may-file-for-bankruptcy-within-weeks">special committee</a> in order to improve its capital structure. Invitae added that it was exploring several options to improve its balance sheet, such as raising equity capital, selling assets and reducing capital expenditures.



During the <a href="https://app.koyfin.com/estimates/eac/eq-43yh7g">third quarter</a>, Invitae reported a GAAP EPS loss of $3.42 compared to a loss of $1.27 a year ago. The company has failed to achieve profitability since its inception in 2013.



On Penny Stocks and Low-Volume Stocks:&#8239;With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.&nbsp;



Read More:&#8239;Penny Stocks &mdash; <a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank">How to Profit Without Getting Scammed</a>&nbsp;



On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.&nbsp;
<div>Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace&rsquo;s Today&rsquo;s Market team, which centers on the latest news involving popular stocks.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/02/the-new-york-stock-exchange-will-start-delisting-invitae-nvta-stock/">The New York Stock Exchange Will Start Delisting Invitae (NVTA) Stock</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

The New York Stock Exchange Will Start Delisting Invitae (NVTA) Stock

Invitae (NVTA) has released an update to notify the public and investors about listing compliance status. Invitae Corporation has been notified by ...

Invitae Faces NYSE Delisting Over Low Trading Prices

Why Is Pacific Biosciences' Price Action So Bad? (Downgrade)

Invitae files for Chapter 11 bankruptcy to address huge debt load

Genetic test provider Invitae (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NVTA#OTC">NVTA</a>) has filed for voluntary Chapter 11 protection in a bankruptcy court in New Jersey. The company plans to co...

Genetic Test Provider Invitae (OTC:NVTA) Files for Bankruptcy

Invitae (NVTA) has released an update. Invitae Corporation and its subsidiaries have filed for Chapter 11 bankruptcy to restructure their debt and ...

Invitae Pursues Restructuring with Chapter 11 Bankruptcy Filing

AGFY

ARKG

ARKK

PACB

Press Releases

Invitae Completes Sale of Reproductive Health Assets to Natera

Invitae Partners with  BridgeBio Pharma to Harness Genetic Insights for the Discovery of Rare Disease Therapeutics

Invitae Files for Voluntary Chapter 11 Protection; Pursues Sale Process

Invitae to Present Data at the 2024 ACMG Annual Clinical Genetics Meeting

Invitae Reports Estimated Unaudited Fourth Quarter and Full Year 2023 Financial Results

Invitae Launches Update to Invitae Generation™: Clinical Variant Modeling Improves Variant Classification

Invitae Unveils New Research for Breast Cancer Patients with Variants of Uncertain Significance

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BENZINGA NEL MONDO