UBS Group Issues Positive Forecast for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT) had its target price boosted by stock analysts at UBS Group from $43.00 to $46.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. UBS Group’s target price points to a potential upside of 18.92% from the company’s previous close.

VCYT has been the topic of a number of other reports. Guggenheim initiated coverage on Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price on the stock. Needham & Company LLC upped their price objective on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday. Leerink Partners increased their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley upped their target price on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.33.

Veracyte Trading Up 5.7 %

VCYT stock traded up $2.09 during mid-day trading on Thursday, hitting $38.68. 919,217 shares of the company were exchanged, compared to its average volume of 758,264. The stock has a market capitalization of $2.97 billion, a PE ratio of -52.08 and a beta of 1.67. The business has a 50 day simple moving average of $33.06 and a 200-day simple moving average of $26.79. Veracyte has a 1-year low of $18.61 and a 1-year high of $41.43.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The firm had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The business’s revenue for the quarter was up 28.6% compared to the same quarter last year. Equities research analysts expect that Veracyte will post 0.16 earnings per share for the current year.

Insider Activity at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total value of $658,715.40. Following the completion of the sale, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Veracyte news, insider John Leite sold 5,479 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the sale, the insider now owns 76,174 shares in the company, valued at $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 is available at this hyperlink. Also, Director Evan/ Fa Jones sold 20,457 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value of $658,715.40. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,105,844.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,141 shares of company stock worth $1,035,116 over the last quarter. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in shares of Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 1,329 shares in the last quarter. CWM LLC increased its position in shares of Veracyte by 168.3% during the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Veracyte during the second quarter worth $58,000. Signature Resources Capital Management LLC acquired a new stake in shares of Veracyte in the second quarter valued at $83,000. Finally, nVerses Capital LLC acquired a new position in Veracyte during the 2nd quarter worth approximately $85,000.

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.