Veracyte’s (VCYT) Overweight Rating Reaffirmed at Stephens

Stephens reaffirmed their overweight rating on shares of Veracyte (NASDAQ:VCYT) in a report published on Wednesday,Benzinga reports. Stephens currently has a $45.00 target price on the biotechnology company’s stock.

Several other analysts also recently commented on VCYT. The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Needham & Company LLC reiterated a “buy” rating and set a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Craig Hallum began coverage on Veracyte in a research report on Thursday, March 20th. They issued a “buy” rating and a $45.00 price target on the stock. Guggenheim reaffirmed a “buy” rating and set a $45.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. Finally, StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.40.

Veracyte Price Performance

NASDAQ VCYT opened at $31.05 on Wednesday. The company has a fifty day moving average of $37.98 and a two-hundred day moving average of $37.73. The company has a market capitalization of $2.42 billion, a PE ratio of -207.00 and a beta of 1.80. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32.

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

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC acquired a new position in shares of Veracyte during the 3rd quarter worth $554,000. Eventide Asset Management LLC lifted its holdings in shares of Veracyte by 20.2% in 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 acquired a new stake in shares of Veracyte in the third quarter valued at approximately $574,000. Neo Ivy Capital Management purchased a new position in shares of Veracyte during the 3rd quarter worth approximately $820,000. Finally, Intech Investment Management LLC acquired a new position in shares of Veracyte during the 3rd quarter worth approximately $723,000.

Veracyte Company Profile

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.