Invitae (NVTA) Stock: Why It Skyrocketed 278.51% Yesterday

By Amit Chowdhry ● Aug 11, 2022
  • The stock price of Invitae (NVTA) skyrocketed 278.51% in the previous trading session. This is why.

The stock price of Invitae (NVTA) skyrocketed 278.51% in the previous trading session. Investors are responding positively to the company’s second-quarter results.

For the second quarter, InVitae reported a Q2 EPS of ($0.68), which was $0.08 higher than analyst estimates of ($0.76). And the revenue for the quarter came in at $136.6 million compared to the consensus estimate of $137.5 million.

In terms of guidance, the company expects a low double-digit growth rate for its full-year 2022 revenue over 2021. And the longer-term revenue growth rate is expected to return to between 15% and 25% beyond 2023.

After the company reported its earnings, the stock gained attention across various social media platforms. On those platforms, many investors were also encouraging driving a short squeeze as over 20% of the float was short.