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Why Shares of Invitae Rose 11% on Tuesday

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What happened

Shares of medical genetics testing company Invitae (NYSE: NVTA) rose 11% on Tuesday. The stock is still down more than 76% so far this year.

So what

Invitate didn’t have any announcements on Tuesday, though it is presenting research this week in Nashville, Tennessee, at the National Society of Genetic Counselors conference. The stock is up more than 59% so far this month after the company announced its third-quarter earnngs on Nov. 8. Invitae reported revenue of $133.5 million, up 16.7%, year over year. More importantly, there was progress toward profitability, at least sequentially.

The company reported a third-quarter net loss of $301.2 million, or a loss of $1.27 per share, compared to a net loss of $2.6 billion, or a per-share loss of $10.87, in the second quarter. However, this year’s third-quarter losses were worse than the same period last year, when it reported a net loss of $198.2 million, or $0.91 per share.

Now what

Investors are waiting to see consistent results from the genetic testing company’s program to cut costs. This past quarter was a step in the right direction. It remains a favorite of Cathie Wood’s ARK Innovation exchange-traded fund (NYSEMKT: ARKK), which holds 19.2 million shares of Invitae.

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Jim Halley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Invitae. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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