Is Invitae Stock a Buy Now?
(NYSE: NVTA) recently announced news that made its shares pop. The genetic testing company won a regulatory nod for a first-of-its-kind test for hereditary cancer risk. The U.S. Food and Drug Administration (FDA) approved the Common Hereditary Cancers Panel this fall, and the stock surged 14% in one trading session.
Since, though, the stock has given up those gains, and investors are looking at a pretty disappointing 66% decline year to date. This performance isn't anything new, as the shares have dropped almost steadily since 2021.
Why such poor performance? Invitae has burned through cash and struggled to turn rising revenue into profit. But the good news is the company last year launched a turnaround plan to set it on the right path -- and it's made some progress. So, is Invitae a stock to buy now while it's still in the doldrums? Let's find out.
Source Fool.com
