Invitae Stock Falls Again in Broader Market Downturn
Shares of Invitae (NYSE: NVTA) fell as much as 22% today after tumbling by double digits yesterday. The genetic testing company announced three acquisitions yesterday that will be funded with a combination of cash and stock, but the combined transactions total $195 million. By contrast, Invitae has lost roughly $500 million in market valuation in the last two days.
Given the relatively small amount of dilution for the $1.3 billion company, it's clear that much of the stock's decline has much more to do with the broader market downturn. Nearly every stock is in negative territory as investors brace for the economic impact of the coronavirus pandemic.
As of 3:08 p.m. EDT, the growth stock had settled to a 21.1% loss.
Source Fool.com
