Veracyte (NASDAQ:VCYT) Given New $44.00 Price Target at Scotiabank

Veracyte (NASDAQ:VCYT) had its target price boosted by Scotiabank from $40.00 to $44.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the biotechnology company’s stock.

VCYT has been the subject of a number of other reports. Leerink Partners lifted their price target on shares of Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley lifted their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Guggenheim started coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective for the company. Needham & Company LLC raised their target price on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price target on Veracyte from $34.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Veracyte currently has an average rating of “Moderate Buy” and an average target price of $39.71.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $38.89 on Friday. Veracyte has a 1 year low of $18.61 and a 1 year high of $41.43. The firm has a 50-day moving average of $33.27 and a 200 day moving average of $27.08. The stock has a market cap of $2.99 billion, a P/E ratio of -257.40 and a beta of 1.67.

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

Insider Buying and Selling at Veracyte

In related news, insider John Leite sold 5,479 shares of the 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 owns 76,174 shares in the company, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the sale, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This represents a 0.00 % 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, insider John Leite sold 5,479 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its position in 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 last quarter. SG Americas Securities LLC purchased a new position in shares of Veracyte during the first quarter valued at approximately $140,000. Sei Investments Co. lifted its position in shares of Veracyte by 21.2% during the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after purchasing an additional 24,945 shares during the last quarter. Inspire Investing LLC boosted its stake in shares of Veracyte by 15.3% during the first quarter. Inspire Investing LLC now owns 16,122 shares of the biotechnology company’s stock valued at $357,000 after purchasing an additional 2,139 shares during the period. Finally, ProShare Advisors LLC grew its holdings in shares of Veracyte by 9.7% in the first quarter. ProShare Advisors LLC now owns 18,342 shares of the biotechnology company’s stock worth $406,000 after purchasing an additional 1,625 shares during 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.