Veracyte (NASDAQ:VCYT) Price Target Raised to $38.00

Veracyte (NASDAQ:VCYT) had its target price increased by The Goldman Sachs Group from $34.00 to $38.00 in a report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also recently issued reports on VCYT. Leerink Partners upped their price objective on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley raised their price objective on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Guggenheim began coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 target price for the company. Needham & Company LLC raised their price target on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, UBS Group boosted their price objective on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.71.

Veracyte Trading Down 2.3 %

Veracyte stock opened at $36.48 on Thursday. Veracyte has a 52 week low of $18.61 and a 52 week high of $41.43. The stock has a market cap of $2.80 billion, a P/E ratio of -243.20 and a beta of 1.67. The stock has a 50 day moving average of $33.27 and a 200-day moving average of $27.03.

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

Insider Buying and Selling at Veracyte

In other news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 sale, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,109 shares of company stock worth $1,004,125. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Veracyte by 3.7% during the first quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock valued at $163,649,000 after buying an additional 266,660 shares in the last quarter. Champlain Investment Partners LLC boosted its position in shares of Veracyte by 23.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock valued at $59,779,000 after purchasing an additional 509,340 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of Veracyte by 67.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock worth $26,907,000 after purchasing an additional 500,020 shares during the last quarter. Bamco Inc. NY raised its holdings in shares of Veracyte by 46.3% in the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after purchasing an additional 353,000 shares in the last quarter. Finally, Granite Investment Partners LLC lifted its stake in Veracyte by 2.1% during the second quarter. Granite Investment Partners LLC now owns 934,994 shares of the biotechnology company’s stock valued at $20,261,000 after purchasing an additional 19,244 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.