Veracyte (NASDAQ:VCYT) Price Target Raised to $28.00

Veracyte (NASDAQ:VCYT) had its target price hoisted by Morgan Stanley from $26.00 to $28.00 in a report issued on Monday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the biotechnology company’s stock.

A number of other research analysts also recently weighed in on VCYT. UBS Group upped their price target on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Scotiabank boosted their price target on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Leerink Partners raised their price objective on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. The Goldman Sachs Group boosted their target price on shares of Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC raised their price target on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.25.

Veracyte Stock Up 0.1 %

VCYT opened at $39.20 on Monday. The stock has a market cap of $3.04 billion, a PE ratio of -260.47 and a beta of 1.67. Veracyte has a twelve month low of $18.61 and a twelve month high of $41.43. The company has a fifty day moving average of $34.40 and a 200-day moving average of $27.96.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data 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. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. During the same period last year, the company posted ($0.03) EPS. The business’s quarterly revenue was up 28.6% on a year-over-year basis. Sell-side analysts anticipate that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Activity at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction on 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. The trade was a 13.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 6.71 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veracyte

A number of large investors have recently modified their holdings of the company. Neo Ivy Capital Management purchased a new position in shares of Veracyte during the 3rd quarter valued at $820,000. Geode Capital Management LLC grew its stake in Veracyte by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company’s stock worth $62,806,000 after buying an additional 17,921 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Veracyte by 20.0% in the 3rd quarter. M&T Bank Corp now owns 61,261 shares of the biotechnology company’s stock worth $2,085,000 after buying an additional 10,223 shares during the last quarter. Barclays PLC raised its position in shares of Veracyte by 138.6% during the 3rd quarter. Barclays PLC now owns 146,402 shares of the biotechnology company’s stock valued at $4,983,000 after buying an additional 85,033 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Veracyte during the third quarter worth about $1,640,000.

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.