Why Shares of Invitae Rose 11% on Tuesday
Shares of medical genetics testing company Invitae (NYSE: NVTA) rose 11% on Tuesday. The stock is still down more than 76% so far this year.
Invitate didn't have any announcements on Tuesday, though it is presenting research this week in Nashville, Tennessee, at the National Society of Genetic Counselors conference. The stock is up more than 59% so far this month after the company announced its third-quarter earnngs on Nov. 8. Invitae reported revenue of $133.5 million, up 16.7%, year over year. More importantly, there was progress toward profitability, at least sequentially.
The company reported a third-quarter net loss of $301.2 million, or a loss of $1.27 per share, compared to a net loss of $2.6 billion, or a per-share loss of $10.87, in the second quarter. However, this year's third-quarter losses were worse than the same period last year, when it reported a net loss of $198.2 million, or $0.91 per share.
Source Fool.com
