Veracyte (NASDAQ:VCYT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Monday, November 18th, AnalystRatings.com reports. They currently have a $34.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 13.37% from the company’s previous close.
Several other equities research analysts also recently issued reports on the stock. ValuEngine upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a report on Friday, November 8th. BidaskClub upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Lake Street Capital initiated coverage on shares of Veracyte in a research note on Wednesday, July 31st. They issued a “buy” rating and a $35.00 target price for the company. Finally, TheStreet raised Veracyte from a “d” rating to a “c-” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $28.75.
Shares of Veracyte stock opened at $29.99 on Monday. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -48.37 and a beta of 1.14. Veracyte has a 1-year low of $10.73 and a 1-year high of $31.18. The firm has a fifty day simple moving average of $25.04 and a 200-day simple moving average of $25.86.
Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.05. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%. The company had revenue of $30.97 million during the quarter, compared to analysts’ expectations of $30.41 million. On average, equities research analysts anticipate that Veracyte will post -0.19 EPS for the current year.
In related news, CFO Keith Kennedy sold 1,243 shares of Veracyte stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $28.00, for a total transaction of $34,804.00. Following the completion of the transaction, the chief financial officer now directly owns 111,286 shares of the company’s stock, valued at approximately $3,116,008. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bonnie H. Anderson sold 8,000 shares of Veracyte stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $24.51, for a total transaction of $196,080.00. Following the completion of the transaction, the chief executive officer now owns 111,028 shares of the company’s stock, valued at approximately $2,721,296.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,079 shares of company stock worth $3,714,170. 8.30% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Veracyte by 3.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,535 shares of the biotechnology company’s stock worth $329,000 after purchasing an additional 390 shares in the last quarter. Convergence Investment Partners LLC raised its position in Veracyte by 13.3% in the 3rd quarter. Convergence Investment Partners LLC now owns 5,918 shares of the biotechnology company’s stock worth $142,000 after purchasing an additional 695 shares during the last quarter. Strs Ohio lifted its holdings in Veracyte by 2.8% during the 3rd quarter. Strs Ohio now owns 32,800 shares of the biotechnology company’s stock worth $787,000 after buying an additional 900 shares in the last quarter. Advisor Group Inc. acquired a new position in Veracyte during the 2nd quarter worth $29,000. Finally, Tower Research Capital LLC TRC boosted its position in Veracyte by 1,433.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,150 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 1,075 shares during the last quarter.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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