Veracyte (NASDAQ:VCYT) PT Raised to $40.00

Veracyte (NASDAQ:VCYT) had its target price lifted by stock analysts at Leerink Partners from $35.00 to $40.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Leerink Partners’ price target indicates a potential upside of 16.41% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Needham & Company LLC upped their price target on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. UBS Group began coverage on shares of Veracyte in a report on Wednesday. They issued a “buy” rating and a $43.00 target price for the company. Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. Finally, Morgan Stanley increased their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

Veracyte Trading Down 1.0 %

NASDAQ:VCYT traded down $0.36 during trading hours on Thursday, hitting $34.36. The company had a trading volume of 75,965 shares, compared to its average volume of 763,691. Veracyte has a 1 year low of $18.61 and a 1 year high of $35.51. The company has a 50-day moving average of $32.28 and a 200 day moving average of $25.32. The company has a market cap of $2.63 billion, a P/E ratio of -36.55 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company had revenue of $114.43 million for the quarter, compared to the consensus estimate of $100.27 million. During the same period in the previous year, the firm earned ($0.12) earnings per share. Veracyte’s quarterly revenue was up 26.7% compared to the same quarter last year. On average, analysts forecast that Veracyte will post 0.16 earnings per share for the current year.

Insider Activity

In related news, Director Evan/ Fa Jones sold 1,032 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the sale, the director now owns 46,413 shares of the company’s stock, valued at $1,393,782.39. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jens Holstein sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $29.00, for a total transaction of $145,000.00. Following the completion of the transaction, the director now owns 27,878 shares in the company, valued at approximately $808,462. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan/ Fa Jones sold 1,032 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the transaction, the director now directly owns 46,413 shares in the company, valued at $1,393,782.39. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,141 shares of company stock worth $1,180,116. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veracyte

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock valued at $163,649,000 after buying an additional 266,660 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Veracyte by 7.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,347,436 shares of the biotechnology company’s stock valued at $74,179,000 after purchasing an additional 242,760 shares during the period. Bamco Inc. NY increased its position in Veracyte by 46.3% during the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after buying an additional 353,000 shares during the period. Nordea Investment Management AB lifted its stake in Veracyte by 232.3% in the first quarter. Nordea Investment Management AB now owns 272,176 shares of the biotechnology company’s stock valued at $6,050,000 after buying an additional 190,262 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Veracyte by 21.2% in the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock valued at $3,160,000 after acquiring an additional 24,945 shares during the period.

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.