Veracyte (NASDAQ:VCYT) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Veracyte (NASDAQ:VCYTFree Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

VCYT has been the subject of a number of other research reports. Guggenheim started coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target for the company. UBS Group upped their price objective on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wolfe Research assumed coverage on shares of Veracyte in a research note on Friday, November 15th. They issued an “outperform” rating and a $50.00 price target on the stock. Leerink Partners raised their target price on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Scotiabank boosted their price target on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

View Our Latest Analysis on VCYT

Veracyte Stock Up 3.8 %

VCYT opened at $46.14 on Tuesday. The firm’s 50 day moving average is $42.13 and its 200-day moving average is $35.21. Veracyte has a 52-week low of $18.61 and a 52-week high of $47.32. The firm has a market capitalization of $3.58 billion, a P/E ratio of -307.60 and a beta of 1.71.

Veracyte (NASDAQ:VCYTGet Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The firm’s revenue was up 28.6% compared to the same quarter last year. Equities analysts expect that Veracyte will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the sale, the director now directly owns 18,497 shares of the company’s stock, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 114,037 shares of the company’s stock, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,038 shares of company stock worth $1,008,297 in the last three months. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV increased its stake in shares of Veracyte by 13.7% in the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 323 shares during the last quarter. Principal Securities Inc. raised its holdings in shares of Veracyte by 34.1% during the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 485 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Veracyte by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock valued at $94,000 after purchasing an additional 496 shares during the last quarter. Rhumbline Advisers boosted its holdings in Veracyte by 0.6% in the fourth quarter. Rhumbline Advisers now owns 123,324 shares of the biotechnology company’s stock worth $4,884,000 after purchasing an additional 675 shares in the last quarter. Finally, Virtus Fund Advisers LLC increased its position in Veracyte by 32.9% during the third quarter. Virtus Fund Advisers LLC now owns 4,798 shares of the biotechnology company’s stock worth $163,000 after buying an additional 1,189 shares during the last quarter.

About Veracyte

(Get Free Report)

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.

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