Analysts Set Veracyte, Inc. (NASDAQ:VCYT) PT at $41.25

Veracyte, Inc. (NASDAQ:VCYT) has been given an average rating of “Moderate Buy” by the nine brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $41.13.

VCYT has been the topic of a number of analyst reports. Wolfe Research began coverage on shares of Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price objective on the stock. UBS Group raised their price target on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Morgan Stanley boosted their price objective on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. Needham & Company LLC raised their target price on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Leerink Partners boosted their price target on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th.

Insider Transactions at Veracyte

In related news, CFO Rebecca Chambers sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total value of $302,610.00. Following the sale, the chief financial officer now directly owns 114,037 shares in the company, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jonathan Wygant sold 956 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total transaction of $41,452.16. Following the sale, the chief accounting officer now directly owns 40,270 shares of the company’s stock, valued at approximately $1,746,107.20. This represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,211 shares of company stock valued at $787,542. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 1,329 shares during the period. CWM LLC boosted its holdings in shares of Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after buying an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Veracyte in the second quarter worth approximately $58,000. Signature Resources Capital Management LLC acquired a new stake in shares of Veracyte during the second quarter valued at approximately $83,000. Finally, nVerses Capital LLC purchased a new stake in shares of Veracyte in the 2nd quarter valued at approximately $85,000.

Veracyte Stock Up 3.0 %

Shares of NASDAQ VCYT opened at $44.13 on Thursday. The stock has a market capitalization of $3.42 billion, a P/E ratio of -294.20 and a beta of 1.69. The firm’s 50-day moving average price is $36.71 and its two-hundred day moving average price is $29.77. Veracyte has a 52-week low of $18.61 and a 52-week high of $46.00.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue for the quarter was up 28.6% compared to the same quarter last year. As a group, equities research analysts expect that Veracyte will post 0.38 earnings per share for the current year.

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.