3. Invitae Corporation (NYSE:NVTA)
Number of Hedge Fund Holders: 17
Year to Date Loss: 73%
Invitae Corporation (NYSE:NVTA) is a medical genetics company that offers genetic tests in various clinical areas, including hereditary cancer precisions, oncology, and women’s health. The company offers genetic information to improve healthcare.
A few years back, it was the talk of the market to woo investors with plans to bring genetic testing to the masses. Investors were convinced that the company had the potential to be a leading provider of genetic testing. At some point, Invitae Corporation (NYSE:NVTA)’s market cap peaked at $10 billion.
Invitae Corporation (NYSE:NVTA) has turned out to be one of the biggest disappointments in Wood’s ETFs, having shed nearly 65% in market value year to date. The steep sell-off has seen analysts rate the stock as a Moderate Sell with an average price tag of $1.83, implying a 165% upside potential.
As of the end of the second quarter of 2023, 17 hedge funds had stakes in Invitae Corporation (NYSE:NVTA).
