Veracyte (NASDAQ:VCYT) Now Covered by UBS Group

Stock analysts at UBS Group started coverage on shares of Veracyte (NASDAQ:VCYT) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm set a “buy” rating and a $43.00 price target on the biotechnology company’s stock. UBS Group’s price objective would indicate a potential upside of 25.33% from the company’s previous close.

A number of other brokerages have also issued reports on VCYT. Needham & Company LLC lifted their target price on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley lifted their price objective on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Finally, Guggenheim began coverage on shares of Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Veracyte has an average rating of “Moderate Buy” and an average price target of $35.67.

Veracyte Stock Performance

Shares of VCYT opened at $34.31 on Wednesday. The firm has a market cap of $2.62 billion, a P/E ratio of -36.50 and a beta of 1.67. Veracyte has a twelve month low of $18.61 and a twelve month high of $35.51. The firm’s 50 day moving average price is $32.37 and its two-hundred day moving average price is $25.39.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.10. The business had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The firm’s revenue was up 26.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) EPS. On average, sell-side analysts anticipate that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Evan/ Fa Jones sold 5,173 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares of the company’s stock, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Jens Holstein sold 5,000 shares of Veracyte stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $29.00, for a total transaction of $145,000.00. Following the completion of the transaction, the director now owns 27,878 shares in the company, valued at approximately $808,462. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,141 shares of company stock valued at $1,180,116 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake 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 acquiring an additional 266,660 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Veracyte by 7.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,347,436 shares of the biotechnology company’s stock valued at $74,179,000 after purchasing an additional 242,760 shares during the period. Bamco Inc. NY lifted its stake in shares of Veracyte by 46.3% during the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after buying an additional 353,000 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Veracyte by 232.3% during the 1st quarter. Nordea Investment Management AB now owns 272,176 shares of the biotechnology company’s stock worth $6,050,000 after buying an additional 190,262 shares during the period. Finally, Sei Investments Co. grew its stake in Veracyte by 21.2% in the 1st quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock valued at $3,160,000 after buying an additional 24,945 shares during the last quarter.

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.