Leerink Partners Resumes Invitae Corporation (NVTA) at Outperform
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Leerink Partners resumes coverage on Invitae Corporation (NYSE: NVTA) with a Outperform rating and a price target of $12.00.
Analyst Puneet Souda commented, "NVTA is a high growth, commercial-stage diagnostics company focused on building a business around genetic testing in a sizable and growing multibillion dollar market. The company has over 1,000 genes currently in production in a variety of flexible panel formats, with a competitive turnaround time and an attractive set pricing. With recent and rapid progress on the reimbursement front, NVTA now has 160M lives covered under commercial payers beyond the positive pricing already announced by CMS. Cancer testing still constitutes 75%-80% of volume for NVTA, and thus reimbursement remains a key despite Medicare being only 8%-10% of the company’s volume."
Shares of Invitae Corporation closed at $8.44 yesterday.
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