Veracyte (NASDAQ:VCYT) Sets New 52-Week High on Analyst Upgrade

Veracyte, Inc. (NASDAQ:VCYTGet Free Report) shares reached a new 52-week high during mid-day trading on Thursday after Needham & Company LLC raised their price target on the stock from $44.00 to $51.00. Needham & Company LLC currently has a buy rating on the stock. Veracyte traded as high as $46.18 and last traded at $46.56, with a volume of 42960 shares. The stock had previously closed at $44.44.

A number of other brokerages also recently commented on VCYT. Leerink Partners raised their target price on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley raised their price objective on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday. Scotiabank increased their target price on Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 price target (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

View Our Latest Stock Analysis on Veracyte

Insider Buying and Selling at Veracyte

In related news, insider John Leite sold 1,050 shares of Veracyte stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the transaction, the insider now directly owns 73,810 shares in the company, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jonathan Wygant sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the sale, the chief accounting officer now owns 40,270 shares in the company, valued at $1,746,107.20. The trade was a 2.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,038 shares of company stock worth $1,008,297 in the last 90 days. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Veracyte

A number of institutional investors have recently made changes to their positions in VCYT. Principal Securities Inc. boosted its holdings in 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 purchasing an additional 485 shares during the period. Castleview Partners LLC bought a new position in shares of Veracyte in the 3rd quarter worth about $87,000. Values First Advisors Inc. acquired a new position in shares of Veracyte in the 3rd quarter valued at about $91,000. KBC Group NV grew its position in shares of Veracyte by 13.7% during the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after buying an additional 323 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte during the second quarter worth about $58,000.

Veracyte Price Performance

The stock’s fifty day simple moving average is $42.13 and its 200-day simple moving average is $35.21. The stock has a market cap of $3.58 billion, a P/E ratio of -307.60 and a beta of 1.71.

Veracyte (NASDAQ:VCYTGet Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.16. The business had revenue of $115.86 million for the quarter, compared to the consensus estimate 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 revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS. Analysts forecast that Veracyte, Inc. will post 0.38 EPS for the current year.

About Veracyte

(Get Free Report)

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.

Further Reading

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