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Biotech / Medical : 2022 Biotech Charity Contest
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To: technetium who wrote (148)8/10/2022 2:36:37 PM
From: A.J. Mullen   of 267
 
My climb up the ladder was helped by having two stocks in last week's top five. Currently I have another pick scheduled for the top 5. NVTA is currently up 80% on the day. Unfortunately that's not going to make much impact on my standing because it's still down more than 70% on the year. It had dropped more than 90% from its all time high in late 2020

Invitae, NVTA, is on fire today – up more than 80% - but that’s after slumping more 90% from it’s all-time high in 2020. They had their earnings call yesterday – better than expected, but they still only have 5 x their current quarterly burn rate.

Their model was go-for broke expansion, increase sales with tests cheaper than cost, and force the costs down retrospectively helped by the larger scale. In the last couple of years, what had seemed a relentless decline in costs seemed to falter. With rising interest rates, the market lost patience. Management announced they got it, that they were drawing in their horns and reducing burn. They claimed they could extend their runway until 2024. A couple of weeks ago the CEO was replaced by the COO, their international footprint decreased, and 1 000 staff laid-off – including 700 in San Francisco. I read the short interest was 25%. Presumably the results have been taken to mean the company is moving better.
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