Veracyte (NASDAQ:VCYT) Shares Gap Down on Analyst Downgrade

Shares of Veracyte, Inc. (NASDAQ:VCYT) gapped down before the market opened on Wednesday after Guggenheim lowered their price target on the stock from $45.00 to $37.00. The stock had previously closed at $28.88, but opened at $27.22. Guggenheim currently has a buy rating on the stock. Veracyte shares last traded at $28.59, with a volume of 64,349 shares.

Other equities research analysts have also recently issued research reports about the company. Stephens restated an “overweight” rating and set a $45.00 price objective on shares of Veracyte in a report on Wednesday, March 26th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Craig Hallum began coverage on Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $51.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. Finally, UBS Group raised their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp grew its stake in Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after buying an additional 237 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Veracyte by 1,267.6% during the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 862 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of Veracyte during the 4th quarter worth approximately $64,000. US Bancorp DE boosted its position in shares of Veracyte by 57.4% during the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after acquiring an additional 647 shares in the last quarter. Finally, Principal Securities Inc. increased its stake in Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 485 shares during the last quarter.

Veracyte Price Performance

The firm’s 50-day simple moving average is $34.50 and its 200 day simple moving average is $37.46. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -201.67 and a beta of 2.03.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million during the quarter, compared to analysts’ expectations of $110.73 million. During the same quarter in the previous year, the firm earned ($0.39) EPS. As a group, research analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current year.

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.