Guggenheim Begins Coverage on Veracyte (NASDAQ:VCYT)

Guggenheim assumed coverage on shares of Veracyte (NASDAQ:VCYT) in a research report released on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $40.00 price objective on the biotechnology company’s stock.

VCYT has been the subject of several other research reports. Morgan Stanley raised their price objective on Veracyte from $21.00 to $26.00 and gave the company an underweight rating in a report on Monday, August 12th. Needham & Company LLC increased their price target on Veracyte from $31.00 to $37.00 and gave the company a buy rating in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, Veracyte has a consensus rating of Moderate Buy and an average price target of $32.75.

Veracyte Stock Up 1.1 %

NASDAQ:VCYT opened at $32.27 on Thursday. The company has a market cap of $2.48 billion, a P/E ratio of -43.03 and a beta of 1.67. Veracyte has a twelve month low of $18.61 and a twelve month high of $35.51. The business has a 50 day moving average price of $31.38 and a two-hundred day moving average price of $24.95.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.10. The business had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The firm’s revenue was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.12) earnings per share. As a group, analysts anticipate that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Karin Eastham sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director now directly owns 33,228 shares in the company, valued at approximately $830,700. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the transaction, the director now owns 33,228 shares in the company, valued at approximately $830,700. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,918 shares of company stock valued at $1,399,541 in the last quarter. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock valued at $163,649,000 after acquiring an additional 266,660 shares during the period. Nikko Asset Management Americas Inc. increased its stake in shares of Veracyte by 7.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,347,436 shares of the biotechnology company’s stock worth $74,012,000 after purchasing an additional 242,760 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Veracyte by 7.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,347,436 shares of the biotechnology company’s stock worth $74,179,000 after purchasing an additional 242,760 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in Veracyte by 23.3% in the 1st quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock valued at $59,779,000 after purchasing an additional 509,340 shares during the period. Finally, William Blair Investment Management LLC boosted its stake in Veracyte by 67.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock valued at $26,907,000 after purchasing an additional 500,020 shares during the period.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.