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

Veracyte (NASDAQ:VCYT) had its target price raised by investment analysts at Scotiabank from $40.00 to $44.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s target price would suggest a potential upside of 17.77% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Needham & Company LLC lifted their target price on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. 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. UBS Group lifted their price objective on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Veracyte has an average rating of “Moderate Buy” and a consensus price target of $39.71.

Veracyte Stock Performance

Shares of VCYT stock traded up $0.02 during mid-day trading on Friday, reaching $37.36. 50,642 shares of the company were exchanged, compared to its average volume of 759,682. The company has a market capitalization of $2.87 billion, a P/E ratio of -248.93 and a beta of 1.67. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $41.43. The business’s 50 day simple moving average is $33.17 and its 200 day simple moving average is $26.86.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. During the same period in the previous year, the business posted ($0.03) EPS. The company’s quarterly revenue was up 28.6% on a year-over-year basis. On average, analysts forecast that Veracyte will post 0.16 EPS for the current year.

Insider Activity

In related news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the sale, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,109 shares of company stock worth $1,004,125 over the last quarter. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veracyte

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in Veracyte by 9.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after buying an additional 778 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Veracyte in the 1st quarter valued at $140,000. Sei Investments Co. lifted its position in shares of Veracyte by 21.2% during the 1st quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after buying an additional 24,945 shares during the last quarter. Inspire Investing LLC raised its stake in Veracyte by 15.3% during the first quarter. Inspire Investing LLC now owns 16,122 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 2,139 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Veracyte by 9.7% in the first quarter. ProShare Advisors LLC now owns 18,342 shares of the biotechnology company’s stock worth $406,000 after acquiring an additional 1,625 shares during the last quarter.

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.