5 Growth Stocks with Upside Potential

4. Invitae Corporation (NYSE:NVTA)

Number of Hedge Fund Holders: 24

Stock performance over the past six months through November 25: -18%

Invitae Corporation (NYSE:NVTA) is a medical genetics company. On April 4, the firm held the commercial launch of a Neurodevelopmental Disorders testing package for children with developmental disabilities. The test results can be delivered in just ten days, one of the fastest around. The firm has also announced that it will be shifting focus from external capital-fueled growth to self-funding. In the earnings for the fourth quarter of 2021, the company beat market estimates on revenue by $0.2 million. 

On February 28, Raymond James analyst Andrew Cooper kept an Outperform rating on Invitae Corporation (NYSE:NVTA) stock with a price target of $15, noting that the firm had shifted focus “towards profitability over time instead of a more purely revenue-focused mentality”.

At the end of the fourth quarter of 2021, 24 hedge funds in the database of Insider Monkey held stakes worth $958 million in Invitae Corporation (NYSE:NVTA), the same as in the preceding quarter worth $1.8 billion.