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

Veracyte, Inc. (NASDAQ:VCYT) has been given an average recommendation of “Moderate Buy” by the five analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $27.50.

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group cut their price target on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Needham & Company LLC cut their price target on Veracyte from $33.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th.

Veracyte Trading Up 1.0 %

NASDAQ VCYT opened at $21.47 on Thursday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -22.84 and a beta of 1.65. The company has a 50 day moving average of $21.37 and a 200-day moving average of $23.09. Veracyte has a 1-year low of $18.61 and a 1-year high of $30.52.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.17. The business had revenue of $96.84 million during the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) earnings per share. On average, equities research analysts forecast that Veracyte will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other Veracyte news, Director Karin Eastham sold 2,500 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $20.97, for a total transaction of $52,425.00. Following the completion of the sale, the director now directly owns 33,125 shares in the company, valued at $694,631.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Muna Bhanji sold 3,870 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $20.32, for a total value of $78,638.40. Following the completion of the transaction, the director now directly owns 23,105 shares in the company, valued at approximately $469,493.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karin Eastham sold 2,500 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $20.97, for a total value of $52,425.00. Following the completion of the transaction, the director now owns 33,125 shares of the company’s stock, valued at $694,631.25. The disclosure for this sale can be found here. Insiders sold 7,909 shares of company stock worth $163,382 over the last three months. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its stake in shares of Veracyte by 6.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock valued at $182,000 after acquiring an additional 530 shares during the last quarter. Diversified Trust Co lifted its stake in shares of Veracyte by 4.0% in the 4th quarter. Diversified Trust Co now owns 14,810 shares of the biotechnology company’s stock valued at $407,000 after acquiring an additional 575 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Veracyte by 3.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,141 shares of the biotechnology company’s stock valued at $554,000 after purchasing an additional 711 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Veracyte by 9.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock valued at $207,000 after purchasing an additional 778 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Veracyte by 27.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,323 shares of the biotechnology company’s stock valued at $201,000 after purchasing an additional 1,571 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.