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

Shares of Veracyte, Inc. (NASDAQ:VCYT) have received an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $41.13.

A number of research analysts recently commented on VCYT shares. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 price objective (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Wolfe Research started coverage on shares of Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 price target for the company. Morgan Stanley boosted their target price on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. Guggenheim assumed coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Leerink Partners boosted their price objective on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $41.91 on Monday. Veracyte has a 1-year low of $18.61 and a 1-year high of $46.00. The company’s fifty day moving average is $39.91 and its two-hundred day moving average is $32.59. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -279.40 and a beta of 1.71.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The firm had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. Veracyte’s revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share. Sell-side analysts expect that Veracyte will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Leite sold 1,050 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the sale, the insider now directly owns 73,810 shares in the company, valued at $3,192,282.50. The trade was a 1.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jonathan Wygant sold 956 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total transaction of $41,452.16. Following the sale, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at $1,746,107.20. The trade was a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,038 shares of company stock worth $605,297 over the last ninety days. Company 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 VCYT. Bank of New York Mellon Corp raised its position in shares of Veracyte by 12.6% during the second quarter. Bank of New York Mellon Corp now owns 281,810 shares of the biotechnology company’s stock worth $6,107,000 after purchasing an additional 31,613 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Veracyte by 18.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 11,065 shares of the biotechnology company’s stock worth $240,000 after buying an additional 1,740 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Veracyte by 5.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company’s stock worth $473,000 after buying an additional 1,173 shares during the period. nVerses Capital LLC purchased a new position in shares of Veracyte in the second quarter worth approximately $85,000. Finally, Rhumbline Advisers raised its holdings in shares of Veracyte by 6.7% during the second quarter. Rhumbline Advisers now owns 128,774 shares of the biotechnology company’s stock valued at $2,791,000 after acquiring an additional 8,096 shares during the period.

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.