UBS Group Issues Positive Forecast for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT) had its price objective boosted by UBS Group from $43.00 to $46.00 in a research note released on Thursday,Benzinga reports. UBS Group currently has a buy rating on the biotechnology company’s stock.

Several other equities analysts have also commented on VCYT. Needham & Company LLC raised their price objective on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday. Guggenheim assumed coverage on shares of Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. Morgan Stanley upped their price objective on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. Finally, Leerink Partners lifted their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.71.

Veracyte Stock Performance

NASDAQ:VCYT opened at $36.48 on Thursday. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $41.43. The firm has a market cap of $2.80 billion, a PE ratio of -243.20 and a beta of 1.67. The business has a 50 day moving average price of $33.27 and a 200-day moving average price of $27.03.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The business had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter in the prior year, the company posted ($0.03) EPS. The firm’s revenue for the quarter was up 28.6% compared to the same quarter last year. Research analysts predict that Veracyte will post 0.16 EPS for the current year.

Insider Buying and Selling at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of Veracyte stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value of $658,715.40. Following the completion of the sale, the director now owns 34,343 shares of the company’s stock, valued at $1,105,844.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider John Leite sold 5,479 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now owns 34,343 shares of the company’s stock, valued at $1,105,844.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,109 shares of company stock worth $1,004,125. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock worth $163,649,000 after purchasing an additional 266,660 shares in the last quarter. Bamco Inc. NY increased its position in Veracyte by 46.3% in the first 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 in the last quarter. Sei Investments Co. raised its stake in shares of Veracyte by 21.2% in the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after buying an additional 24,945 shares during the period. Allspring Global Investments Holdings LLC raised its stake 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 worth $207,000 after buying an additional 778 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Veracyte by 21.8% during the 2nd quarter. Victory Capital Management Inc. now owns 87,555 shares of the biotechnology company’s stock valued at $1,897,000 after buying an additional 15,647 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.