Veracyte (NASDAQ:VCYT) Earns “Overweight” Rating from Stephens

Veracyte (NASDAQ:VCYT)‘s stock had its “overweight” rating restated by analysts at Stephens in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $45.00 price objective on the biotechnology company’s stock. Stephens’ price objective would indicate a potential upside of 37.50% from the company’s current price.

A number of other research firms also recently commented on VCYT. UBS Group boosted their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. Guggenheim reaffirmed a “buy” rating and set a $45.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Finally, Craig Hallum started coverage on Veracyte in a research report on Thursday, March 20th. They issued a “buy” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.40.

Veracyte Trading Down 2.9 %

Shares of Veracyte stock traded down $0.96 during trading hours on Wednesday, hitting $32.73. 502,613 shares of the company were exchanged, compared to its average volume of 808,355. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of -218.07 and a beta of 1.80. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The business has a 50-day moving average of $38.19 and a 200-day moving average of $37.78.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping 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 firm had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same quarter in the prior year, the company posted ($0.39) earnings per share. As a group, research analysts anticipate that Veracyte will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the completion of the sale, the director now directly owns 18,497 shares of the company’s stock, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its holdings in shares of Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 237 shares during the period. GF Fund Management CO. LTD. acquired a new position in Veracyte during the fourth quarter valued at approximately $64,000. US Bancorp DE grew its stake in Veracyte by 57.4% during the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after buying an additional 647 shares during the period. Principal Securities Inc. increased its position in shares of Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 485 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in shares of Veracyte in the 4th quarter valued at $91,000.

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.