Invitae downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Matthew Sykes downgraded Invitae to Sell from Neutral with a $2 price target. The analyst sees the company’s latest restructuring efforts as strategically necessary, but believes Invitae will emerge as a lower growth company engaged in competitive end markets with a "long and uncertain" path towards profitability. The company’s gross margin profile that will make it difficult to deploy operating expenses in order to reaccelerate growth, and the stock’s "premium" valuation is unwarranted given its lower growth and longer path to profitability, contends Goldman.