Veracyte, Inc. (NASDAQ:VCYT) Receives $34.80 Average Price Target from Analysts

Veracyte, Inc. (NASDAQ:VCYT) has earned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $35.67.

VCYT has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. Needham & Company LLC upped their target price on shares of Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. UBS Group initiated coverage on shares of Veracyte in a research note on Wednesday. They issued a “buy” rating and a $43.00 target price on the stock. Leerink Partners upped 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. Finally, Morgan Stanley upped their target price on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th.

Veracyte Trading Up 0.4 %

Shares of Veracyte stock opened at $34.44 on Wednesday. The company has a fifty day moving average price of $32.48 and a 200 day moving average price of $25.48. Veracyte has a twelve month low of $18.61 and a twelve month high of $35.51. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -36.64 and a beta of 1.67.

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

Insider Activity at Veracyte

In related news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.03, for a total transaction of $30,990.96. Following the completion of the sale, the director now owns 46,413 shares of the company’s stock, valued at $1,393,782.39. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the transaction, the director now owns 46,413 shares in the company, valued at approximately $1,393,782.39. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Leite sold 5,479 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,141 shares of company stock valued at $1,180,116 in the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of VCYT. Vanguard Group Inc. grew its position in Veracyte by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,211 shares of the biotechnology company’s stock worth $195,822,000 after purchasing an additional 52,699 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of 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 acquiring an additional 1,571 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Veracyte by 117.7% in the first quarter. Los Angeles Capital Management LLC now owns 20,910 shares of the biotechnology company’s stock valued at $463,000 after acquiring an additional 11,303 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Veracyte by 54.4% in the first quarter. Diversified Trust Co now owns 22,860 shares of the biotechnology company’s stock valued at $507,000 after acquiring an additional 8,050 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 acquiring an additional 778 shares in the last quarter.

Veracyte Company Profile

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.