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

Veracyte, Inc. (NASDAQ:VCYT) has been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $27.50.

A number of analysts recently issued reports on the company. Needham & Company LLC decreased their target price on Veracyte from $33.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. The Goldman Sachs Group decreased their target price on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 15th.

Veracyte Stock Performance

NASDAQ:VCYT opened at $21.60 on Monday. The stock has a 50-day simple moving average of $22.18 and a 200-day simple moving average of $22.43. The stock has a market cap of $1.65 billion, a P/E ratio of -22.98 and a beta of 1.64. Veracyte has a 1 year low of $18.61 and a 1 year high of $29.35.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.17. The business had revenue of $96.84 million during the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) EPS. On average, equities research analysts predict that Veracyte will post -0.05 EPS for the current year.

Insider Buying and Selling at Veracyte

In other news, Director Karin Eastham sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the transaction, the director now directly owns 33,228 shares of the company’s stock, valued at approximately $830,700. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Muna Bhanji sold 3,870 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $20.32, for a total transaction of $78,638.40. Following the completion of the transaction, the director now directly owns 23,105 shares of the company’s stock, valued at approximately $469,493.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Karin Eastham sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the transaction, the director now directly owns 33,228 shares of the company’s stock, valued at $830,700. The disclosure for this sale can be found here. Insiders sold a total of 16,686 shares of company stock valued at $382,807 in the last ninety days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fiera Capital Corp grew its holdings in shares of Veracyte by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 625,536 shares of the biotechnology company’s stock worth $13,555,000 after acquiring an additional 7,219 shares during the period. Rhumbline Advisers grew its holdings in shares of Veracyte by 6.7% in the 2nd 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 during the period. nVerses Capital LLC acquired a new stake in shares of Veracyte in the 2nd quarter worth approximately $85,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Veracyte by 5.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company’s stock worth $473,000 after acquiring an additional 1,173 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Veracyte by 18.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,065 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 1,740 shares during the period.

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.