Invitae shares Invitae ( NVTA 276.86 percent) were skyrocketing 53.5 percentage by 11:14 a.m. ET on Wednesday.
The massive gain occurred after the medical genetics company released its second-quarter earnings following the close of trading
The second quarter's revenue of $136.6 million, which is up 17.5 percent over the previous year. Invitae reported
net losses of $2.5 billion in the second quarter, or $10.87 per share according to generally accepted accounting practices
Invitae's net loss that was not GAAP in the quarter ended in $158.5 million which is $0.68 per share. This was a significant
improvement over the previous year's period and higher over the average estimate for an un-GAAP net loss of $0.74 per share.
Invitae also maintained its revenue forecast for the full year of lower double-digit growth. Invitae said it anticipates the growth
At the time of July 15 over 25% of the float in Invitae was short. Today's update for the second quarter was much more positive
the analysts had expected. The subsequent surge in the price of Invitae's shares is an indication of a tight squeeze as