Veracyte (NASDAQ:VCYT) Trading Up 9.9% on Analyst Upgrade

Veracyte, Inc. (NASDAQ:VCYT)’s stock price shot up 9.9% during trading on Wednesday after UBS Group raised their price target on the stock from $46.00 to $49.00. UBS Group currently has a buy rating on the stock. Veracyte traded as high as $35.95 and last traded at $36.77. 451,819 shares were traded during mid-day trading, a decline of 46% from the average session volume of 835,314 shares. The stock had previously closed at $33.46.

Several other analysts also recently weighed in on the company. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Scotiabank lifted their price objective on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Wolfe Research started coverage on shares of Veracyte in a research report on Friday, November 15th. They issued an “outperform” rating and a $50.00 target price for the company. Morgan Stanley boosted their price target on shares of Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $51.00 price objective on shares of Veracyte in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Insider Activity at Veracyte

In other Veracyte news, insider John Leite sold 1,050 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the sale, the insider now owns 73,810 shares in the company, valued at $3,192,282.50. This represents a 1.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of Veracyte stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total value of $302,610.00. Following the sale, the chief financial officer now directly owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,533 shares of company stock worth $815,584. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Veracyte

Institutional investors have recently bought and sold shares of the stock. Creative Planning bought a new stake in Veracyte during the third quarter worth approximately $396,000. Blue Trust Inc. lifted its position in Veracyte by 100.6% during the 3rd quarter. Blue Trust Inc. now owns 2,781 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 1,395 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Veracyte by 127.6% in the third quarter. Assenagon Asset Management S.A. now owns 29,455 shares of the biotechnology company’s stock valued at $1,003,000 after purchasing an additional 16,512 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Veracyte by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock worth $94,000 after purchasing an additional 496 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Veracyte by 64.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,773 shares of the biotechnology company’s stock valued at $503,000 after buying an additional 5,790 shares during the last quarter.

Veracyte Stock Up 10.9 %

The company has a market capitalization of $2.88 billion, a P/E ratio of -246.86 and a beta of 1.71. The firm has a 50-day moving average price of $41.88 and a two-hundred day moving average price of $37.60.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same quarter in the prior year, the company posted ($0.39) earnings per share. On average, analysts predict that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Veracyte Company Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.