Veracyte (NASDAQ:VCYT – Get Free Report) was upgraded by investment analysts at UBS Group to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.
Several other research analysts also recently commented on VCYT. Needham & Company LLC boosted their target price on Veracyte from $57.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wolfe Research initiated coverage on shares of Veracyte in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $55.00 price target on the stock. Stephens decreased their price target on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 11th. Finally, Canaccord Genuity Group dropped their price objective on shares of Veracyte from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.78.
Check Out Our Latest Analysis on Veracyte
Veracyte Price Performance
Veracyte (NASDAQ:VCYT – Get Free Report) last issued its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The firm had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. During the same quarter last year, the business posted $0.44 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts expect that Veracyte will post 1.32 earnings per share for the current year.
Insider Activity at Veracyte
In other Veracyte news, Director Muna Bhanji sold 1,864 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $42.97, for a total transaction of $80,096.08. Following the sale, the director directly owned 42,718 shares of the company’s stock, valued at $1,835,592.46. The trade was a 4.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karin Eastham sold 3,729 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $52.89, for a total transaction of $197,226.81. Following the completion of the transaction, the director owned 15,097 shares of the company’s stock, valued at approximately $798,480.33. This trade represents a 19.81% 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. In the last 90 days, insiders sold 25,609 shares of company stock valued at $1,139,324. Corporate insiders own 1.60% of the company’s stock.
Hedge Funds Weigh In On Veracyte
Hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its holdings in Veracyte by 23.3% during the 1st quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company’s stock worth $852,000 after buying an additional 5,435 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Veracyte by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 195,793 shares of the biotechnology company’s stock worth $5,805,000 after purchasing an additional 21,330 shares during the period. Jane Street Group LLC boosted its stake in shares of Veracyte by 94.7% in the 1st quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock valued at $6,431,000 after purchasing an additional 105,499 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Veracyte by 54.1% in the 1st quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock valued at $1,268,000 after purchasing an additional 15,017 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Veracyte by 32.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 48,786 shares of the biotechnology company’s stock valued at $1,319,000 after purchasing an additional 11,889 shares during the last quarter.
About Veracyte
Veracyte, Inc is a diagnostics company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company combines genomic data with bioinformatics and machine-learning technologies to provide clinically actionable information from patient tissue samples.
Veracyte’s portfolio includes Afirma tests for evaluating thyroid nodules, Decipher tests for assessing the risk and biological characteristics of prostate cancer, and Prosigna for classifying and evaluating recurrence risk in certain breast cancers.
Featured Articles
- Five stocks we like better than Veracyte
- MarketBeat Week in Review – 09/07 – 09/11
- Block Makes a Federal Trust Bank Move That Could Reshape Its Fintech Model
- Kroger’s Textbook Entry for Buy-and-Hold Investors
- AST SpaceMobile Looks to Extend Its 30-Day FCC Satellite Testing Window
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.
