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Is Invitae Corp. a Good Biotech Stock to Add to Your Portfolio?

Stock MarketsJul 01, 2021 10:31AM ET
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© Reuters. Is Invitae Corp. a Good Biotech Stock to Add to Your Portfolio?

Biotech company Invitae’s (NVTA) substantial revenue growth in its last reported quarter, and its progress in ushering personalized health monitoring into the mainstream, have impressed investors. However, the company’s top-line growth is not expected to translate into profitability anytime soon. And given that the stock’s current valuation is not justified by its weak cash balance and weak financials, the question becomes can the stock keep rallying? Read on to learn more.San Francisco-based genetic testing company Invitae Corporation (NYSE:NVTA) offers genetic tests in various clinical areas, such as cardiology, neurology, hereditary cancer, pediatrics and rare diseases. Its stock has risen 17.2% over the past month, driven by its plans to expand the capacity of its genetic testing services in North Carolina.

However, its share price has tumbled 19.3% year-to-date and 4.5% over the past three months. The stock is currently trading 45.2% below its 52-week high of $61.59, indicating short-term bearishness.

Although NVTA’s impressive, personalized therapies and improved trials have allowed it to generate $103.6 million in revenue in the first quarter of 2021, the company has not yet generated a profit. In addition, it has been bleeding cash at a time when its expenses and losses are already high.

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Is Invitae Corp. a Good Biotech Stock to Add to Your Portfolio?
 

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