Veracyte, Inc. (NASDAQ:VCYT – Get Free Report) has earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $54.3333.
A number of research firms recently issued reports on VCYT. Guggenheim upped their price objective on shares of Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Wolfe Research assumed coverage on shares of Veracyte in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $55.00 target price on the stock. UBS Group boosted their target price 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. Zacks Research upgraded Veracyte from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings cut Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday.
View Our Latest Research Report on Veracyte
Veracyte Stock Up 0.6%
Veracyte (NASDAQ:VCYT – Get Free Report) last issued its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. The firm had revenue of $150.32 million during the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 earnings per share. On average, analysts anticipate that Veracyte will post 1.32 EPS for the current fiscal year.
Insiders Place Their Bets
In other Veracyte news, CEO Marc Stapley sold 138,051 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $50.12, for a total value of $6,919,116.12. Following the completion of the transaction, the chief executive officer directly owned 440,494 shares in the company, valued at approximately $22,077,559.28. This trade represents a 23.86% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Rebecca Chambers sold 3,561 shares of Veracyte stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $49.73, for a total value of $177,088.53. Following the sale, the chief financial officer directly owned 173,280 shares in the company, valued at $8,617,214.40. The trade was a 2.01% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 162,492 shares of company stock worth $8,151,197. Company insiders own 1.60% of the company’s stock.
Institutional Investors Weigh In On Veracyte
Several hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP acquired a new position in Veracyte in the 2nd quarter valued at approximately $50,000. Torren Management LLC bought a new position in shares of Veracyte during the fourth quarter valued at $37,000. Empowered Funds LLC acquired a new position in shares of Veracyte during the fourth quarter worth $42,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Veracyte during the second quarter worth $62,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Veracyte by 159.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company’s stock worth $47,000 after purchasing an additional 679 shares during the last quarter.
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.
Recommended Stories
- Five stocks we like better than Veracyte
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Receive News & Ratings for Veracyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte and related companies with MarketBeat.com's FREE daily email newsletter.
