Shares of Veracyte Inc (NASDAQ:VCYT) have been assigned a consensus recommendation of “Buy” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $24.86.
A number of equities research analysts have weighed in on the stock. Lake Street Capital assumed coverage on shares of Veracyte in a research note on Wednesday, July 31st. They set a “buy” rating and a $35.00 price target on the stock. ValuEngine downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Saturday, October 12th. TheStreet upgraded shares of Veracyte from a “d” rating to a “c-” rating in a research note on Thursday, August 1st. Finally, BidaskClub upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Friday, October 11th.
Shares of Veracyte stock traded up $0.76 during midday trading on Monday, hitting $25.15. The company had a trading volume of 15,296 shares, compared to its average volume of 663,488. The business’s 50 day simple moving average is $25.10 and its two-hundred day simple moving average is $25.67. The stock has a market cap of $1.22 billion, a PE ratio of -40.27 and a beta of 0.97. Veracyte has a 1-year low of $9.20 and a 1-year high of $31.18.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.04. Veracyte had a negative net margin of 11.01% and a negative return on equity of 10.26%. The firm had revenue of $30.14 million for the quarter, compared to the consensus estimate of $29.20 million. Equities analysts predict that Veracyte will post -0.23 earnings per share for the current fiscal year.
In other Veracyte news, insider Giulia C. Kennedy sold 28,257 shares of Veracyte stock in a transaction on Monday, August 12th. The stock was sold at an average price of $25.38, for a total transaction of $717,162.66. Following the completion of the transaction, the insider now directly owns 56,575 shares of the company’s stock, valued at $1,435,873.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Walter Hanna, Jr. sold 18,593 shares of Veracyte stock in a transaction on Monday, September 16th. The shares were sold at an average price of $25.66, for a total value of $477,096.38. Following the transaction, the insider now directly owns 84,085 shares of the company’s stock, valued at $2,157,621.10. The disclosure for this sale can be found here. Insiders have sold 110,881 shares of company stock worth $2,825,964 in the last quarter. Corporate insiders own 8.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Veracyte by 43.8% during the second quarter. BlackRock Inc. now owns 3,987,802 shares of the biotechnology company’s stock valued at $113,692,000 after acquiring an additional 1,215,062 shares during the period. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Veracyte during the first quarter valued at $86,400,000. Invesco Ltd. lifted its holdings in shares of Veracyte by 401.5% during the second quarter. Invesco Ltd. now owns 2,985,745 shares of the biotechnology company’s stock valued at $85,124,000 after acquiring an additional 2,390,394 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Veracyte by 36.8% during the second quarter. Vanguard Group Inc. now owns 2,298,052 shares of the biotechnology company’s stock valued at $65,517,000 after acquiring an additional 618,054 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Veracyte by 252.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock valued at $61,247,000 after acquiring an additional 1,539,114 shares during the period. 96.92% of the stock is owned by institutional investors.
Veracyte Company Profile
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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