Veracyte (NASDAQ:VCYT) Research Coverage Started at Guggenheim

Analysts at Guggenheim assumed coverage on shares of Veracyte (NASDAQ:VCYT) in a research report issued on Thursday, Marketbeat reports. The firm set a “buy” rating and a $40.00 price target on the biotechnology company’s stock. Guggenheim’s target price would suggest a potential upside of 17.58% from the stock’s current price.

Several other brokerages also recently issued reports on VCYT. Morgan Stanley upped their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Needham & Company LLC upped their target price on Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.75.

Veracyte Stock Up 5.4 %

Shares of VCYT stock opened at $34.02 on Thursday. The business has a fifty day simple moving average of $31.38 and a 200 day simple moving average of $24.95. The company has a market cap of $2.61 billion, a P/E ratio of -45.36 and a beta of 1.67. Veracyte has a twelve month low of $18.61 and a twelve month high of $35.51.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. The firm had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) earnings per share. As a group, equities research analysts anticipate that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In related news, insider John Leite sold 1,277 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the completion of the sale, the insider now directly owns 82,968 shares in the company, valued at $2,074,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Leite sold 1,277 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total transaction of $31,925.00. Following the completion of the sale, the insider now directly owns 82,968 shares in the company, valued at approximately $2,074,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,918 shares of company stock worth $1,399,541. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

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

Veracyte Company Profile

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.