Why Invitae Corporation Stock Jumped 23% This Week

Invitae Corporation (NYSE: NVTA), which specializes in medical genetic testing, saw its shares climb as high as 23% this week, according to data from S&P Global Intelligence. The stock closed at $2.30 last Friday, then opened on Monday at $2.37. It hit is weekly high at $9 on Wednesday before falling a bit to close the week. The stock has been volatile with a 52-week low of $1.83 and a high of $32.93. The stock is down more than 64% so far this year.

The company's second-quarter numbers belied expectations and the stock jumped. The company released its report after the market closed on Tuesday. Invitae reported revenue of $136.6 million, up 17.5% year over year, though the company had a net loss of $2.5 billion, or a loss of $10.87 in earnings per share (EPS) compared to net income of $133.8 million or EPS of $0.66, in the second quarter of 2021.

The company reiterated its guidance to say it expected low double-digit growth this year in revenue over 2021.

Source Fool.com