Why Shares of Invitae Dropped 13% on Tuesday
Shares of Invitae (NYSE: NVTA), a maker of medical genetic tests, fell 14% on Tuesday. The stock closed at $4.00 on Monday, then opened on Tuesday at $3.70, before falling to a daily low of $3.45 around 11 a.m., then rising to $3.48 at Tuesday's close.
The stock is down more than 77% this year and has a 52-week low of $1.83 and a 52-week high of $32.93. Invitae's shares have been highly volatile and, earlier this month, shot up 277% the day it released second-quarter earnings. The company has been popular with retail investors and has occasionally shot up due to short squeezes, only to fall back again.
The drop comes a day after the company announced a collaboration with international research program Simons Searchlight. The deal connects data culled by Invitae's Citizen patient medical records with outcomes and biospecimens from Simons Searchlight. The point is to build a better dataset that will help researchers to treat rare neurodevelopmental diseases. The news buoyed the stock, pushing it to $4.00 for the first time since Aug. 18. Investors gladly sold on the news a day later, especially on a day when the market was down in general.
Source Fool.com
