Veracyte, Inc. (NASDAQ:VCYT) Receives $43.00 Average PT from Analysts

Shares of Veracyte, Inc. (NASDAQ:VCYT) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $43.22.

Several brokerages recently commented on VCYT. Craig Hallum assumed coverage on Veracyte in a research note on Thursday. They set a “buy” rating and a $45.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price objective (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Finally, Guggenheim reiterated a “buy” rating and issued a $45.00 price target on shares of Veracyte in a report on Tuesday, February 25th.

Veracyte Trading Down 0.1 %

Veracyte stock opened at $31.82 on Friday. The firm has a market capitalization of $2.48 billion, a P/E ratio of -212.13 and a beta of 1.80. The business has a 50-day moving average of $38.53 and a 200-day moving average of $37.61. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32.

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

Insider Activity at Veracyte

In other news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the completion of the transaction, the director now directly owns 18,497 shares in the company, valued at $745,429.10. This represents a 35.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by insiders.

Institutional Trading of Veracyte

Several institutional investors and hedge funds have recently bought and sold shares of VCYT. Jones Financial Companies Lllp grew its stake in Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 237 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Veracyte by 1.2% in the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock valued at $882,000 after buying an additional 264 shares in the last quarter. Synovus Financial Corp increased its holdings in Veracyte by 1.2% during the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company’s stock worth $916,000 after buying an additional 267 shares during the last quarter. HighTower Advisors LLC lifted its stake in Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock valued at $659,000 after acquiring an additional 305 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Veracyte by 13.7% in the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after acquiring an additional 323 shares during the period.

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.