Veracyte (NASDAQ:VCYT) Now Covered by Craig Hallum

Craig Hallum began coverage on shares of Veracyte (NASDAQ:VCYT) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $45.00 price objective on the biotechnology company’s stock.

A number of other brokerages have also recently issued reports on VCYT. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 price objective (down from $38.00) on shares of Veracyte in a report on Thursday, December 5th. UBS Group boosted their target price on Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $51.00 price target on shares of Veracyte in a research note on Tuesday, February 25th. Finally, Guggenheim restated a “buy” rating and issued a $45.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.22.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $31.84 on Thursday. The company has a market capitalization of $2.48 billion, a P/E ratio of -212.27 and a beta of 1.80. The business’s 50-day moving average price is $38.72 and its two-hundred day moving average price is $37.61. Veracyte has a one year low of $18.61 and a one year high of $47.32.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same period in the prior year, the firm earned ($0.39) EPS. On average, equities analysts anticipate that Veracyte will post 0.68 EPS for the current year.

Insider Activity

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the company’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 sale, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC bought a new stake in Veracyte in the third quarter valued at $554,000. Eventide Asset Management LLC raised its holdings in shares of Veracyte by 20.2% in the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after purchasing an additional 113,883 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Veracyte during the third quarter valued at approximately $574,000. Neo Ivy Capital Management purchased a new stake in shares of Veracyte during the 3rd quarter valued at $820,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Veracyte during the 3rd quarter worth approximately $723,000.

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.