- The shares of Invitae (NYSE: NVTA) have received a price target of $48 by Oppenheimer. These are the details.
The shares of Invitae (NYSE: NVTA) have received a price target of $48 by Oppenheimer. And Oppenheimer analyst Kevin DeGeeter upgraded the rating from “Perform” to “Outperform.”
DeGeeter pointed out that valuation was the reason for the upgrade after the pullback in the stock price following the Q1 results. Invitae recently raised $1.2 billion led by Softbank, which will ensure that the company is adequately capitalized to fund an aggressive expansion plan through to profitability.
And DeGeeter believes that the shares could see multiple expansion to 18 times 2022 estimates (the high $50s).
On Monday, Invitae announced it entered into a definitive agreement to acquire genomics company Genosity for approximately $200 million, consisting of approximately $120 million in cash and about $80 million in shares of Invitae common stock.
This acquisition is expected to bring Genosity’s specialized capabilities into the Invitae platform, which would accelerate the time to market and decentralize Invitae’s personalized oncology offerings, including somatic and germline offerings.
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