What Is Going on With Invitae (NVTA) Stock Today?

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What Is Going on With Invitae (NVTA) Stock Today?

InvestorPlace2022-08-11

After soaring nearly 280% yesterday, Invitae(NVTA) stock is slumping today.The company reported stronger-than-expected Q2 results on Aug. 9.NVTA stock is being widely discussed on social media as a ...

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Gackky
·2022-08-12
what is going on with Tiger not letting me short NVT [Facepalm] [LOL] [Pitiful]
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Nikolos
·2022-08-11
Sell
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Nikolos
·2022-08-11
Sell
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Kiwii
·2022-08-11
halo
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Edwardtoh
·2022-08-11
Like
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Jennifer58
·2022-08-11
Buy
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NVTA stock might be undergoing a short squeeze.The company develops genetic tests that evaluate people’s risks of developing many diseases. The company’s tests cover a wide swath of different health conditions and healthcare fields “including hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases.”Invitae’s Second-Quarter ResultsOn Aug. 9 after the market closed, Invitae announced that its revenue had climbed 17% year-over-year to $136.6 million, slightly above analysts’ average estimate of $136 million. It reported a per-share loss of 68 cents, versus analysts’ average estimate of a per-share loss of 76 cents.Invitae’s “total active healthcare provider accounts” climbed 25% YOY last quarter to 20,217, while its cash burn slowed to $147 million from $169 million in Q1 of 2022. The company expects to have enough cash to continue its operations until “the end of 2024.”On the guidance front, Invitae continues to anticipate that its revenue will increase around 10%-12% this year, and it still expects to burn $600 million to $650 million of cash this year. In 2023, Invitae continues to anticipate that its cash burn will fall from $275 million to $225 million.NVTA Stock: A Meme Stock in the Making?After releasing its Q2 results, Invitae garnered a significant amount of attention on social media. Many of those discussing NVTA stock on social media were urging retail investors to work together to create a “short squeeze” in the name.Driven by similar tactics, GameStop(NYSE:GME), AMC(NYSE:AMC), and other “meme stocks” rallied tremendously last year. Invitae could be undergoing a similar phenomenon now.A Negative Preannouncement and Other News in JulyOn July 21, Invitae unveiled Q2 sales that were below analysts’ average outlook. 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