Veracyte, Inc. (NASDAQ:VCYT) Receives $43.00 Average PT from Analysts

Shares of Veracyte, Inc. (NASDAQ:VCYT) have been assigned an average rating of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $43.00.

Several brokerages recently issued reports on VCYT. Morgan Stanley boosted their price target on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Guggenheim restated a “buy” rating and issued a $45.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Needham & Company LLC restated a “buy” rating and set a $51.00 price target on shares of Veracyte in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price objective (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th.

Insider Transactions at Veracyte

In other news, Director Karin Eastham sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the transaction, the director now owns 18,497 shares in the company, valued at $745,429.10. This represents a 35.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

A number of hedge funds have recently modified their holdings of the business. HighTower Advisors LLC bought a new position in shares of Veracyte during the 3rd quarter valued at approximately $554,000. Eventide Asset Management LLC lifted its holdings in Veracyte by 20.2% during the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after purchasing an additional 113,883 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Veracyte in the third quarter worth approximately $574,000. Neo Ivy Capital Management purchased a new stake in shares of Veracyte in the third quarter worth $820,000. Finally, Intech Investment Management LLC bought a new stake in shares of Veracyte during the 3rd quarter valued at $723,000.

Veracyte Stock Down 0.9 %

Shares of Veracyte stock opened at $31.23 on Friday. The company’s fifty day simple moving average is $39.43 and its two-hundred day simple moving average is $37.69. Veracyte has a 12-month low of $18.61 and a 12-month high of $47.32. The firm has a market cap of $2.43 billion, a PE ratio of -208.20 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period last year, the firm earned ($0.39) earnings per share. As a group, sell-side analysts expect that Veracyte will post 0.68 earnings per share for the current fiscal year.

About Veracyte

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.