Veracyte (NASDAQ:VCYT) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a buy rating in a report released on Monday.

A number of other equities research analysts have also recently commented on VCYT. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Needham & Company LLC increased their price objective on Veracyte from $44.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. UBS Group boosted their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wolfe Research assumed coverage on Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, Scotiabank raised their price target on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.00.

Veracyte Stock Performance

Shares of Veracyte stock opened at $41.93 on Monday. Veracyte has a one year low of $18.61 and a one year high of $47.32. The company has a market capitalization of $3.25 billion, a PE ratio of -279.53 and a beta of 1.71. The company has a 50-day simple moving average of $42.52 and a two-hundred day simple moving average of $36.30.

Insider Activity

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the sale, the director now directly owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. This trade represents a 35.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jonathan Wygant sold 5,032 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the transaction, the chief accounting officer now directly owns 42,313 shares of the company’s stock, valued at approximately $1,814,804.57. This trade represents a 10.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,565 shares of company stock valued at $1,031,406. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 237 shares in the last quarter. US Bancorp DE lifted its stake in shares of Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 647 shares during the period. Principal Securities Inc. boosted its holdings in Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after buying an additional 485 shares in the last quarter. Castleview Partners LLC acquired a new stake in Veracyte during the third quarter valued at $87,000. Finally, Values First Advisors Inc. purchased a new position in Veracyte in the third quarter valued at $91,000.

About Veracyte

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.