Veracyte, Inc. (NASDAQ:VCYT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Veracyte, Inc. (NASDAQ:VCYT) have been given an average recommendation of “Moderate Buy” by the five ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $29.75.

A number of research firms have commented on VCYT. Morgan Stanley upped their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. Needham & Company LLC raised their price objective on Veracyte from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th.

Insider Transactions at Veracyte

In other news, Director Evan/ Fa Jones sold 20,457 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the transaction, the director now owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now owns 34,343 shares in the company, valued at $1,105,844.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jens Holstein sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $29.00, for a total value of $145,000.00. Following the sale, the director now owns 27,878 shares in the company, valued at $808,462. The disclosure for this sale can be found here. Insiders have sold 43,175 shares of company stock worth $1,217,514 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new stake in Veracyte in the second quarter valued at approximately $12,279,000. The Manufacturers Life Insurance Company increased its holdings in shares of Veracyte by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,766 shares of the biotechnology company’s stock worth $927,000 after buying an additional 2,135 shares during the last quarter. AXA S.A. purchased a new stake in shares of Veracyte during the 2nd quarter valued at $347,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veracyte during the 2nd quarter worth $58,000. Finally, Point72 DIFC Ltd purchased a new stake in Veracyte during the second quarter valued at about $217,000.

Veracyte Trading Down 1.8 %

Shares of VCYT stock opened at $31.06 on Friday. The business’s 50-day moving average price is $24.53 and its 200-day moving average price is $22.79. Veracyte has a 12 month low of $18.61 and a 12 month high of $33.33. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -33.04 and a beta of 1.65.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. The firm had revenue of $114.43 million for the quarter, compared to analyst estimates of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) EPS. On average, sell-side analysts predict that Veracyte will post 0.13 earnings per share for the current fiscal 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.