Why Invitae Stock Is Crushing It Today
Invitae (NYSE: NVTA) stock was absolutely crushing it on Wednesday, with its shares skyrocketing 19.4% higher as of 11:11 a.m. ET. The huge gain came after the medical genetics company announced its third-quarter results following the market close on Tuesday.
The company reported Q3 revenue of $133.5 million, up 16.7% year over year. Invitae posted a net loss of $301.2 million, or $1.27 per share, based on generally accepted accounting principles (GAAP). Its non-GAAP net loss was $100.8 million, or $0.42 per share. This result was better than the consensus estimate of analysts surveyed by Refinitiv of an adjusted loss of $0.63 per share.
One quarterly earnings beat isn't enough to fully turn things around for Invitae. The genetic testing stock is still down more than 80% year to date, even with today's impressive gain.
Source Fool.com
