Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) Target Price at $39.71

Shares of Veracyte, Inc. (NASDAQ:VCYT) have earned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $39.71.

VCYT has been the subject of a number of research reports. The Goldman Sachs Group lifted their price target on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. UBS Group lifted their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their price target on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price objective on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Finally, Guggenheim began coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 target price for the company.

Veracyte Stock Down 1.7 %

Shares of NASDAQ VCYT opened at $38.24 on Friday. The business has a 50 day moving average price of $33.41 and a two-hundred day moving average price of $27.21. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $41.43. The firm has a market cap of $2.94 billion, a PE ratio of -255.73 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The business’s revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. On average, analysts anticipate that Veracyte will post 0.16 earnings per share for the current year.

Insider Buying and Selling at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Leite sold 5,479 shares of the firm’s stock in a transaction that occurred 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 owns 76,174 shares in the company, valued at $2,268,461.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position 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 buying an additional 266,660 shares in the last quarter. Bamco Inc. NY increased its stake in shares of Veracyte by 46.3% during the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock valued at $24,726,000 after acquiring an additional 353,000 shares during the period. Sei Investments Co. increased its stake in shares of Veracyte by 21.2% during the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock valued at $3,160,000 after acquiring an additional 24,945 shares during the period. Victory Capital Management Inc. raised its holdings in Veracyte by 21.8% during the second quarter. Victory Capital Management Inc. now owns 87,555 shares of the biotechnology company’s stock worth $1,897,000 after purchasing an additional 15,647 shares in the last quarter. Finally, Diversified Trust Co lifted its position in Veracyte by 22.7% in the second quarter. Diversified Trust Co now owns 28,060 shares of the biotechnology company’s stock worth $608,000 after purchasing an additional 5,200 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.