Wolfe Research upgraded shares of Veracyte (NASDAQ:VCYT – Free Report) to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.
Several other equities research analysts have also weighed in on VCYT. Guggenheim dropped their price objective on shares of Veracyte from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Canaccord Genuity Group increased their price objective on shares of Veracyte from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. UBS Group increased their price objective on shares of Veracyte from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Veracyte in a research note on Friday, March 27th. Finally, Jefferies Financial Group initiated coverage on shares of Veracyte in a research note on Monday, April 13th. They issued a “buy” rating and a $45.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.57.
View Our Latest Stock Report on VCYT
Veracyte Stock Down 0.8%
Veracyte (NASDAQ:VCYT – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.18. The firm had revenue of $139.07 million for the quarter, compared to analyst estimates of $130.36 million. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. Veracyte’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Research analysts anticipate that Veracyte will post 1.28 earnings per share for the current year.
Insider Activity
In other news, Director Robert S. Epstein sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $44.01, for a total transaction of $440,100.00. Following the transaction, the director owned 52,446 shares in the company, valued at approximately $2,308,148.46. This trade represents a 16.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Annie Mcguire sold 10,204 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $39.02, for a total transaction of $398,160.08. Following the transaction, the senior vice president directly owned 143,708 shares of the company’s stock, valued at approximately $5,607,486.16. This represents a 6.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 44,204 shares of company stock worth $1,927,860. 1.40% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Veracyte
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VCYT. Fuller & Thaler Asset Management Inc. acquired a new position in Veracyte in the fourth quarter valued at about $58,158,000. Champlain Investment Partners LLC acquired a new position in Veracyte in the third quarter valued at approximately $40,064,000. Artisan Partners Limited Partnership lifted its holdings in Veracyte by 16.6% in the third quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company’s stock valued at $253,028,000 after buying an additional 1,048,692 shares during the period. First Trust Advisors LP lifted its holdings in Veracyte by 64.9% in the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company’s stock valued at $68,190,000 after buying an additional 833,543 shares during the period. Finally, Squarepoint Ops LLC lifted its holdings in Veracyte by 770.6% in the second quarter. Squarepoint Ops LLC now owns 897,387 shares of the biotechnology company’s stock valued at $24,256,000 after buying an additional 794,307 shares during the period.
About Veracyte
Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.
The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.
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