Veracyte (NASDAQ:VCYT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Zacks.com reports. The brokerage presently has a $26.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 2.77% from the stock’s current price.
According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “
Several other equities research analysts have also recently commented on VCYT. ValuEngine cut Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Lake Street Capital started coverage on Veracyte in a research note on Wednesday, July 31st. They issued a “buy” rating and a $35.00 target price on the stock. TheStreet upgraded Veracyte from a “d” rating to a “c-” rating in a research note on Thursday, August 1st. Needham & Company LLC set a $34.00 price objective on Veracyte and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, BidaskClub upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Veracyte presently has an average rating of “Buy” and an average target price of $24.86.
NASDAQ VCYT traded up $0.54 during trading on Friday, hitting $25.30. The stock had a trading volume of 465,153 shares, compared to its average volume of 662,283. The company has a market capitalization of $1.19 billion, a PE ratio of -40.81 and a beta of 0.97. The company’s 50-day moving average price is $25.08 and its two-hundred day moving average price is $25.66. Veracyte has a 12 month low of $9.20 and a 12 month high of $31.18.
Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.04. The firm had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $29.20 million. Veracyte had a negative return on equity of 10.26% and a negative net margin of 11.01%. Sell-side analysts expect that Veracyte will post -0.23 EPS for the current year.
In other news, CEO Bonnie H. Anderson sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $25.28, for a total transaction of $202,240.00. Following the sale, the chief executive officer now owns 121,414 shares in the company, valued at approximately $3,069,345.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Walter Hanna, Jr. sold 18,593 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.66, for a total value of $477,096.38. Following the sale, the insider now owns 84,085 shares in the company, valued at approximately $2,157,621.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,881 shares of company stock worth $2,825,964. Company insiders own 8.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Advisor Group Inc. acquired a new position in shares of Veracyte during the 2nd quarter worth approximately $29,000. NumerixS Investment Technologies Inc acquired a new position in shares of Veracyte during the 2nd quarter worth approximately $54,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Veracyte during the 2nd quarter worth approximately $78,000. US Bancorp DE increased its holdings in shares of Veracyte by 540.9% during the 2nd quarter. US Bancorp DE now owns 2,916 shares of the biotechnology company’s stock worth $83,000 after acquiring an additional 2,461 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new position in shares of Veracyte during the 2nd quarter worth approximately $149,000. Institutional investors own 99.42% of the company’s stock.
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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