UBS Group Increases Veracyte (NASDAQ:VCYT) Price Target to $46.00

Veracyte (NASDAQ:VCYT) had its target price increased by UBS Group from $43.00 to $46.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Leerink Partners raised their price target on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Needham & Company LLC raised their price target on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a report on Thursday. Finally, Guggenheim began coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.71.

Veracyte Price Performance

Shares of VCYT opened at $36.48 on Thursday. The company has a market capitalization of $2.80 billion, a P/E ratio of -243.20 and a beta of 1.67. Veracyte has a one year low of $18.61 and a one year high of $41.43. The business’s 50 day simple moving average is $33.27 and its 200-day simple moving average is $27.08.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The firm had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same period last year, the firm posted ($0.03) EPS. The business’s revenue was up 28.6% on a year-over-year basis. On average, sell-side analysts anticipate that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Activity

In other news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the transaction, the director now directly owns 34,343 shares in the company, valued at $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 is available at this link. In other news, insider John Leite sold 5,479 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at $1,209,903.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,109 shares of company stock valued at $1,004,125. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in VCYT. Allspring Global Investments Holdings LLC boosted its position in shares of Veracyte by 9.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after purchasing an additional 778 shares during the last quarter. SG Americas Securities LLC bought a new position in Veracyte during the first quarter worth about $140,000. Sei Investments Co. lifted its holdings in Veracyte by 21.2% during the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after acquiring an additional 24,945 shares in the last quarter. Inspire Investing LLC lifted its holdings in Veracyte by 15.3% during the first quarter. Inspire Investing LLC now owns 16,122 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 2,139 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Veracyte by 9.7% during the first quarter. ProShare Advisors LLC now owns 18,342 shares of the biotechnology company’s stock worth $406,000 after acquiring an additional 1,625 shares in the last quarter.

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.