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After purchasing Singular Bio in June, InVitae Corp (NYSE:NVTA) now plans to acquire Jungla, which would add to its hereditary cancer testing capabilities, according to Benchmark.
The Analyst
Bruce Jackson maintained a Buy rating on InVitae and raised the price target to $26.
The Thesis
InVitae plans to acquire Jungla for $50 million in a cash-and-stock deal, plus another $15 million in milestones to be paid mainly in stock, Jackson said in a Friday note. (See his track record here.)
The addition of Jungla enhances InVitae’s capabilities to resolve variants of unknown significance — VUS — in genetic cancer testing, the analyst said. Supplemental RNA analysis for variant classification lends greater accuracy than is possible with DNA sequencing alone, which gives InVitae a competitive advantage, he said.
"The Jungla Functional Modeling Platform combines functional genomics, computational biophysics and computer science into a platform that provides patients with auditable, accurate, comprehensive and clear clinical guidance."
The platform has shown prospective accuracy against clinical test results from other providers and delivers a higher level of performance than is recommended by the American College of Medical Genetics and Genomics and the
Association for Molecular Pathology for hundreds of genes and conditions, according to Benchmark.
Price Action
InVitae shares were down 0.61% at $22.88 at the time of publication Friday.
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28 Stocks Moving In Friday's Pre-Market Session
Invitae Will Acquire Singular Bio For $55M
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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