Here's Why Invitae Fell as Much as 10.1% Today
Shares of Invitae (NYSE: NVTA) declined over 10% today as stock markets fell on concerns about the pace of an economic recovery. When stock markets plunged in mid-March, they quickly rallied as Wall Street grew more comfortable that the coronavirus pandemic could be contained and at least parts of the economy could snap back relatively quickly. But Fed Chairman Jerome Powell cautioned yesterday it may not be so simple, as the nation's top economists expect negative effects from the health crisis to linger for years.
That's forcing Wall Street to rethink some of its assumptions about the pace of an economic recovery. As such, major stock indices are being readjusted lower today, with growth stocks such as Invitae experiencing the most significant declines. But that's not the only concern for shareholders.
As of 2:59 p.m. EDT, the growth stock had settled to an 8.7% loss.
Source Fool.com