Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has earned an average rating of “Moderate Buy” from the nine analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $41.00.

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their price objective on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Wolfe Research began coverage on shares of Veracyte in a report on Friday. They issued an “outperform” rating and a $50.00 price target on the stock. Guggenheim started coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. Leerink Partners raised their price objective on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, The Goldman Sachs Group boosted their target price on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Veracyte Trading Down 3.0 %

Shares of NASDAQ:VCYT opened at $35.94 on Friday. The stock has a 50 day moving average of $34.06 and a 200 day moving average of $27.61. The company has a market cap of $2.79 billion, a PE ratio of -239.60 and a beta of 1.67. Veracyte has a 12-month low of $18.61 and a 12-month high of $41.43.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period last year, the firm earned ($0.03) earnings per share. Equities research analysts predict that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now owns 34,343 shares in the company, valued at $1,209,903.89. The trade was a 13.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Leite sold 5,479 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. This represents a 6.71 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its holdings in Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 1,329 shares during the period. CWM LLC boosted its stake in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Veracyte in the second quarter worth about $58,000. Signature Resources Capital Management LLC purchased a new position in Veracyte in the 2nd quarter worth about $83,000. Finally, nVerses Capital LLC bought a new stake in Veracyte during the 2nd quarter valued at about $85,000.

Veracyte Company Profile

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.