Bearish Outlook On Invitae

Invitae (NVTA) finds itself on a downward trend after reversing from highs attained in its very bullish 2018 performance. This downtrend is coming on the back of disappointing earnings reports and the accompanying heavy selling of NVTA shares in the stock market. Here is the analysis for NVTA as we head into the middle of Q2 2019.

Invitae's Q1 2019 earnings results showed a loss of 47 cents per share, which was slightly worse than expectations. Investors reacted negatively to the shortfall in revenue forecast. This result was worse than the Q4 2018 results, which were largely mixed with revenues of $40 million, i.e., $6 million short of the number Wall Street was expecting back then. This provided the impetus for the price of NVTA to break the rising wedge pattern with a downside gap, completing a series of technical setups on the monthly, weekly and daily charts which all point to a downtrend that will play out in the coming weeks.

Original source
https://seekingalpha.com/article/4263770-bearish-outlook-invitae?source=feed_all_articles

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