Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) Target Price at $31.25

Veracyte, Inc. (NASDAQ:VCYT) has been given a consensus rating of “Moderate Buy” by the five ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $31.25.

Several brokerages have recently issued reports on VCYT. Morgan Stanley upped their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. Needham & Company LLC upped their target price on shares of Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th.

Veracyte Trading Up 4.4 %

Shares of VCYT stock opened at $35.25 on Tuesday. Veracyte has a 1 year low of $18.61 and a 1 year high of $35.51. The firm’s 50 day moving average is $28.44 and its 200-day moving average is $23.77. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of -37.50 and a beta of 1.66.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.10. The firm had revenue of $114.43 million for the quarter, compared to the consensus estimate of $100.27 million. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) EPS. On average, equities research analysts forecast that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In other news, insider John Leite sold 5,479 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Evan/ Fa Jones sold 1,032 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the sale, the director now owns 46,413 shares in the company, valued at approximately $1,393,782.39. The transaction 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 stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. The disclosure for this sale can be found here. Insiders have sold 40,745 shares of company stock worth $1,217,296 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in shares of Veracyte in the 2nd quarter valued at approximately $12,279,000. Champlain Investment Partners LLC boosted its holdings in shares of Veracyte by 23.3% in the first quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock valued at $59,779,000 after buying an additional 509,340 shares during the period. William Blair Investment Management LLC increased its position in shares of Veracyte by 67.4% during the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock worth $26,907,000 after acquiring an additional 500,020 shares in the last quarter. Norges Bank acquired a new stake in shares of Veracyte during the fourth quarter worth $11,190,000. Finally, Bamco Inc. NY raised its holdings in shares of Veracyte by 46.3% during the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after acquiring an additional 353,000 shares during the period.

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.