Veracyte (NASDAQ:VCYT) Price Target Raised to $44.00 at Scotiabank

Veracyte (NASDAQ:VCYT) had its price objective boosted by Scotiabank from $40.00 to $44.00 in a research note issued to investors on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

VCYT has been the subject of a number of other reports. Leerink Partners raised their price target on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Guggenheim started coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. The Goldman Sachs Group lifted their target price on Veracyte from $34.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, November 7th. UBS Group increased their price target on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC boosted their price objective on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veracyte currently has an average rating of “Moderate Buy” and a consensus price target of $39.71.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $38.89 on Friday. The business’s fifty day moving average price is $33.27 and its 200-day moving average price is $27.08. Veracyte has a one year low of $18.61 and a one year high of $41.43. The stock has a market capitalization of $2.99 billion, a PE ratio of -257.40 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.16. The firm had revenue of $115.86 million during the quarter, compared to the consensus estimate of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The company’s revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. As a group, equities analysts expect that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Veracyte news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was 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 in the company, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Leite sold 5,479 shares of the firm’s 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Trading of Veracyte

Several hedge funds and other institutional investors have recently bought and sold shares of VCYT. Point72 Asset Management L.P. bought a new stake in shares of Veracyte in the 2nd quarter worth approximately $12,279,000. Champlain Investment Partners LLC lifted its stake in Veracyte by 23.3% in the first quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock worth $59,779,000 after purchasing an additional 509,340 shares during the last quarter. William Blair Investment Management LLC boosted its position in 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 valued at $26,907,000 after buying an additional 500,020 shares during the period. Bamco Inc. NY grew its stake 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 valued at $24,726,000 after buying an additional 353,000 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Veracyte by 288.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock worth $12,284,000 after buying an additional 268,000 shares during the period.

About Veracyte

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.