Why Invitae Stock Is Jumping Today
Shares of Invitae (NYSE: NVTA) were jumping 6.7% higher as of 10:53 a.m. ET on Wednesday after rising as much as 12.9% earlier in the morning. The medical genetics company didn't announce any news today.
On Tuesday, though, Invitae and Praxis Precision Medicines stated in a press release that Invitae's Citizen platform's clinical insights were used in Praxis' Investigational New Drug (IND) application for experimental drug PRAX-222 in treating epilepsy. Did that announcement light a fire under the genetic testing stock? Nope. Invitae's shares fell 5% yesterday.
So what's behind today's gain? The most likely culprit is the overall stock market's bounce. Major market indexes were rising on Wednesday morning as investors anticipated the latest interest rate decision by the Federal Reserve.
Source Fool.com
