Veracyte (NASDAQ:VCYT) Price Target Raised to $51.00 at Needham & Company LLC

Veracyte (NASDAQ:VCYT) had its target price upped by stock analysts at Needham & Company LLC from $44.00 to $51.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 10.53% from the stock’s current price.

Several other equities analysts also recently commented on VCYT. Wolfe Research began coverage on shares of Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 target price on the stock. Guggenheim assumed coverage on Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective for the company. Scotiabank boosted their target price on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Finally, Morgan Stanley increased their target price on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Veracyte currently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Veracyte Price Performance

Shares of NASDAQ:VCYT opened at $46.14 on Wednesday. The company has a market capitalization of $3.58 billion, a P/E ratio of -307.60 and a beta of 1.71. Veracyte has a 1-year low of $18.61 and a 1-year high of $47.32. The firm’s 50 day simple moving average is $42.13 and its two-hundred day simple moving average is $35.21.

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

Insider Transactions at Veracyte

In other news, CAO Jonathan Wygant sold 956 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total transaction of $41,452.16. Following the transaction, the chief accounting officer now owns 40,270 shares in the company, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Leite sold 1,050 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the transaction, the insider now owns 73,810 shares in the company, valued at approximately $3,192,282.50. The trade was a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,038 shares of company stock worth $1,008,297. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veracyte

Institutional investors have recently bought and sold shares of the business. Principal Securities Inc. increased its holdings in shares of Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 485 shares during the period. Rhumbline Advisers raised its holdings in Veracyte by 0.6% in the fourth quarter. Rhumbline Advisers now owns 123,324 shares of the biotechnology company’s stock worth $4,884,000 after purchasing an additional 675 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Veracyte by 116.3% in the 4th quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company’s stock valued at $33,017,000 after buying an additional 448,251 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Veracyte by 11.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,433 shares of the biotechnology company’s stock worth $651,000 after buying an additional 1,660 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Veracyte during the 4th quarter worth approximately $262,000.

Veracyte Company Profile

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.