Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Veracyte, Inc. (NASDAQ:VCYT) have earned an average rating of “Moderate Buy” from the nine research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $41.13.

Several equities research analysts have issued reports on the company. Morgan Stanley raised their price target on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a report on Monday, November 18th. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They set a “buy” rating and a $40.00 target price for the company. Needham & Company LLC upped their price target on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Finally, Leerink Partners upped their target price on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th.

Veracyte Stock Performance

Shares of VCYT stock opened at $44.07 on Friday. Veracyte has a 52-week low of $18.61 and a 52-week high of $46.00. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -293.80 and a beta of 1.71. The firm’s 50-day moving average is $41.51 and its 200-day moving average is $34.44.

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, topping analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The business’s revenue was up 28.6% compared to the same quarter last year. Sell-side analysts predict that Veracyte will post 0.38 EPS for the current fiscal year.

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now owns 18,497 shares of the company’s stock, valued at $745,429.10. The trade was a 35.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jonathan Wygant sold 5,032 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the sale, the chief accounting officer now directly owns 42,313 shares of the company’s stock, valued at $1,814,804.57. This represents a 10.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,038 shares of company stock valued at $1,008,297. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in VCYT. HighTower Advisors LLC bought a new position in shares of Veracyte in the third quarter worth about $554,000. Eventide Asset Management LLC increased its position in Veracyte by 20.2% during the 3rd quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock worth $23,075,000 after purchasing an additional 113,883 shares in the last quarter. Erste Asset Management GmbH bought a new position in Veracyte in the 3rd quarter valued at approximately $574,000. Intech Investment Management LLC acquired a new stake in Veracyte in the third quarter valued at approximately $723,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Veracyte during the third quarter worth $820,000.

Veracyte Company Profile

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.