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Why Invitae Stock Plummeted by 15% Today

TheMotleyFool

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Why Invitae Stock Plummeted by 15% TodayPhoto, wide shot, wide-angle lens, Clinical research organization, sunset photo at golden hour, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/02f7778c-d723-4fb3-bdef-fabb7e5fc9c8.png

Genetic medical testing specialist Invitae (NYSE: NVTA) didn't pass the investment test for one researcher late on Thursday. The following day its stock took a more than 15% hit because of this estimation.

After market hours on Thursday, financial services company Piper Sandler initiated coverage of Invitae stock. That wasn't necessarily beneficial for the biotech, as analyst David Westenberg rated the stock an underweight (i.e., sell) at a price target of $2.50 per share. Even after that 15% price dive, Invitae still trades at a rich level for Westenberg, at just over $3.

Image source: Getty Images.

Source Fool.com

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