Veracyte (NASDAQ:VCYT – Get Free Report) was upgraded by equities research analysts at Wolfe Research to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.
A number of other research analysts have also recently weighed in on the company. UBS Group lifted their target price on Veracyte from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Jefferies Financial Group began coverage on Veracyte in a report on Monday, April 13th. They issued a “buy” rating and a $45.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Veracyte in a report on Friday, March 27th. Canaccord Genuity Group lifted their target price on Veracyte from $40.00 to $42.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Finally, Guggenheim reduced their target price on Veracyte from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.57.
Get Our Latest Stock Analysis on Veracyte
Veracyte Stock Down 0.8%
Veracyte (NASDAQ:VCYT – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.18. Veracyte had a return on equity of 9.07% and a net margin of 16.25%.The business had revenue of $139.07 million for the quarter, compared to analysts’ expectations of $130.36 million. During the same quarter last year, the firm earned $0.31 earnings per share. The business’s revenue was up 21.5% on a year-over-year basis. As a group, analysts anticipate that Veracyte will post 1.28 earnings per share for the current fiscal year.
Insider Buying and Selling at Veracyte
In other Veracyte news, SVP Annie Mcguire sold 10,204 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $39.02, for a total value of $398,160.08. Following the transaction, the senior vice president directly owned 143,708 shares of the company’s stock, valued at $5,607,486.16. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert S. Epstein sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $44.01, for a total value of $440,100.00. Following the completion of the transaction, the director directly owned 52,446 shares in the company, valued at $2,308,148.46. This trade represents a 16.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 44,204 shares of company stock valued at $1,927,860 over the last three months. 1.40% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its position in Veracyte by 2.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company’s stock valued at $762,000 after purchasing an additional 400 shares during the period. Arizona State Retirement System increased its position in shares of Veracyte by 1.8% during the third quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company’s stock worth $795,000 after acquiring an additional 419 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Veracyte by 1.3% during the fourth quarter. State of Alaska Department of Revenue now owns 44,264 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 552 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Veracyte by 0.8% during the second quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock worth $1,922,000 after acquiring an additional 566 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Veracyte by 7.9% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,894 shares of the biotechnology company’s stock worth $332,000 after acquiring an additional 576 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.
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