Veracyte (NASDAQ:VCYT) Price Target Raised to $49.00 at UBS Group

Veracyte (NASDAQ:VCYT) had its price objective hoisted by stock analysts at UBS Group from $46.00 to $49.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. UBS Group’s price objective would suggest a potential upside of 43.21% from the company’s previous close.

Several other research firms also recently weighed in on VCYT. Morgan Stanley increased their price target on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. Scotiabank increased their price target on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday. StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Wolfe Research assumed coverage on shares of Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.00.

Veracyte Stock Performance

Shares of Veracyte stock traded down $5.14 on Tuesday, reaching $34.22. 832,423 shares of the company’s stock were exchanged, compared to its average volume of 791,749. The company has a market capitalization of $2.65 billion, a P/E ratio of -227.90 and a beta of 1.71. Veracyte has a 52 week low of $18.61 and a 52 week high of $47.32. The firm’s 50-day moving average is $41.88 and its two-hundred day moving average is $37.60.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business had revenue of $118.63 million during the quarter, compared to analyst estimates of $110.73 million. During the same quarter in the previous year, the business posted ($0.39) EPS. On average, analysts expect that Veracyte will post 0.68 EPS for the current fiscal year.

Insider Activity at Veracyte

In other news, CAO Jonathan Wygant sold 956 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the completion of the sale, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at approximately $1,746,107.20. This represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Leite sold 1,050 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the completion of the sale, the insider now directly owns 73,810 shares of the company’s stock, valued at $3,192,282.50. This represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,565 shares of company stock valued at $1,031,406 over the last 90 days. 1.30% of the stock is owned by insiders.

Institutional Trading of Veracyte

A number of institutional investors have recently made changes to their positions in VCYT. Jones Financial Companies Lllp grew its position in shares of Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after buying an additional 237 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Veracyte during the fourth quarter valued at $64,000. US Bancorp DE raised its stake in shares of Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after buying an additional 647 shares during the period. Principal Securities Inc. increased its holdings in Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 485 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 323 shares in the last quarter.

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.