Veracyte (NASDAQ:VCYT) Earns Outperform Rating from Analysts at Wolfe Research

Research analysts at Wolfe Research began coverage on shares of Veracyte (NASDAQ:VCYT) in a report released on Friday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $50.00 price target on the biotechnology company’s stock. Wolfe Research’s target price suggests a potential upside of 39.12% from the company’s previous close.

Several other analysts have also recently issued reports on the company. UBS Group raised their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Guggenheim initiated coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price on the stock. Leerink Partners raised their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley raised their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Finally, The Goldman Sachs Group raised their target price on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Veracyte Trading Down 3.0 %

VCYT opened at $35.94 on Friday. The company has a market cap of $2.79 billion, a P/E ratio of -239.60 and a beta of 1.67. The business’s 50-day moving average price is $34.06 and its 200-day moving average price is $27.61. Veracyte has a 12 month low of $18.61 and a 12 month high of $41.43.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.03 by $0.16. The firm had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Equities research analysts forecast that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In other news, insider John Leite sold 5,479 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 6.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. This represents a 13.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in shares of Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares in the last quarter. CWM LLC boosted its position in shares of Veracyte by 168.3% in the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 951 shares in the last quarter. Castleview Partners LLC purchased a new position in Veracyte in the 3rd quarter worth approximately $87,000. Values First Advisors Inc. purchased a new position in Veracyte in the 3rd quarter worth approximately $91,000. Finally, KBC Group NV raised its holdings in Veracyte by 13.7% in the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 323 shares during the last quarter.

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.