The testing programs are financially supported by the drugmakers, and will allow Invitae to provide free testing and genetic counseling for rare inherited retinal disease and primary immunodeficiencies.
The broader market drove down the stock prices of many diagnostics companies. Natera, Guardant Health, and CareDx paced the gainers.
Invitae will perform genetic testing using a 58-gene panel and Horizon will provide financial support for the program aimed at improving diagnosis of the rare condition.
For the three months ended March 31, the firm generated $40.6 million in revenues, missing the consensus Wall Street estimate of $47.2 million.
While the impact on participants' bottom lines remains to be seen, some lab company leaders said they expect to see other payors explore similar plans.
Individuals identified as needing homozygous FH evaluation will receive confirmatory genetic testing from Invitae and genetic counseling from Genome Medical.
Research presented at ACMG by Invitae suggests that clinically actionable variants in cancer patients are missed by germline testing that is not done with expanded panels.
In 125,000 de-identified Invitae customers with and without a personal or family history of cancer, 23andMe's DTC test would have missed almost 90 percent of BRCA mutations.
The number of gainers outpaced decliners 21 to six, and the index outpaced the Dow Jones Industrial Average, the Nasdaq Composite, and the Nasdaq Biotech.