Veracyte (NASDAQ:VCYT) Upgraded at StockNews.com

StockNews.com upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a buy rating in a report issued on Friday morning.

VCYT has been the topic of a number of other reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 price objective (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Leerink Partners boosted their price target on shares of Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wolfe Research initiated coverage on shares of Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 price objective for the company. Needham & Company LLC lifted their target price on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley upped their price target on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Veracyte currently has an average rating of “Moderate Buy” and an average target price of $41.13.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $40.58 on Friday. The company has a 50 day simple moving average of $41.30 and a 200 day simple moving average of $34.09. Veracyte has a 1 year low of $18.61 and a 1 year high of $46.00. The firm has a market cap of $3.14 billion, a PE ratio of -270.53 and a beta of 1.71.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.16. The firm had revenue of $115.86 million during the quarter, compared to the consensus estimate of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The company’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) earnings per share. As a group, research analysts anticipate that Veracyte will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In other Veracyte news, CAO Jonathan Wygant sold 5,032 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the transaction, the chief accounting officer now owns 42,313 shares in the company, valued at $1,814,804.57. This trade represents a 10.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the transaction, the chief financial officer now owns 114,037 shares of the company’s stock, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,038 shares of company stock valued at $1,008,297. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV increased its holdings in shares of 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 buying an additional 323 shares during the last quarter. Inspire Investing LLC grew its position in Veracyte by 2.1% in the second quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 340 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Veracyte by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock worth $94,000 after acquiring an additional 496 shares in the last quarter. Virtus Fund Advisers LLC increased its stake in Veracyte by 32.9% in the third quarter. Virtus Fund Advisers LLC now owns 4,798 shares of the biotechnology company’s stock valued at $163,000 after acquiring an additional 1,189 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Veracyte by 100.6% during the third quarter. Blue Trust Inc. now owns 2,781 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 1,395 shares in the last quarter.

About Veracyte

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.