Why Invitae Stock Is Crashing Today
Shares of (NYSE: NVTA) were crashing 19.4% lower as of 12:13 p.m. ET on Thursday. The decline came on the heels of two developments.
Invitae revealed in a regulatory filing on Wednesday that it had negotiated an agreement with a holder of the company's outstanding 2% convertible senior notes due 2024. The holder will exchange over $17.2 million in principal value of the old notes for $100,000 worth of new 4.5% Series A convertible senior secured notes due 2028 plus more than 15.8 million new shares of Invitae stock.
Also, StockNews.com downgraded Invitae to sell from hold on Thursday. The website joins several Wall Street analysts with negative outlooks about the genetic testing stock, including Piper Sandler and Goldman Sachs.
Source Fool.com
