Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) Price Target at $41.13

Veracyte, Inc. (NASDAQ:VCYT) has earned an average rating of “Moderate Buy” from the nine brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $41.13.

Several equities analysts recently weighed in on the company. Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 target price on the stock. Morgan Stanley lifted their price target on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a report on Monday, November 18th. Wolfe Research assumed coverage on shares of Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 target price for the company. UBS Group upped their target price on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 price target (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th.

Insider Buying and Selling

In other Veracyte news, CAO Jonathan Wygant sold 5,032 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $42.89, for a total transaction of $215,822.48. Following the transaction, the chief accounting officer now directly owns 42,313 shares in the company, valued at $1,814,804.57. This represents a 10.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Chambers sold 7,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the sale, the chief financial officer now owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,038 shares of company stock valued at $605,297 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Veracyte

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Veracyte by 12.6% in the second quarter. Bank of New York Mellon Corp now owns 281,810 shares of the biotechnology company’s stock worth $6,107,000 after purchasing an additional 31,613 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Veracyte by 18.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,065 shares of the biotechnology company’s stock worth $240,000 after buying an additional 1,740 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Veracyte by 5.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company’s stock valued at $473,000 after buying an additional 1,173 shares in the last quarter. nVerses Capital LLC purchased a new stake in Veracyte in the second quarter valued at about $85,000. Finally, Rhumbline Advisers boosted its holdings in Veracyte by 6.7% in the second quarter. Rhumbline Advisers now owns 128,774 shares of the biotechnology company’s stock worth $2,791,000 after acquiring an additional 8,096 shares in the last quarter.

Veracyte Stock Down 1.0 %

NASDAQ VCYT opened at $39.60 on Monday. The company has a 50-day moving average price of $39.58 and a 200-day moving average price of $32.31. Veracyte has a 52 week low of $18.61 and a 52 week high of $46.00. The firm has a market capitalization of $3.07 billion, a P/E ratio of -264.00 and a beta of 1.69.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm’s revenue was up 28.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, equities research analysts anticipate that Veracyte will post 0.38 EPS for the current year.

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.