Piper Jaffray Companies reaffirmed their buy rating on shares of Veracyte, Inc. (NASDAQ:VCYT) in a report issued on Tuesday morning.

VCYT has been the topic of a number of other research reports. Zacks Investment Research raised shares of Veracyte from a hold rating to a buy rating and set a $9.25 target price on the stock in a research note on Friday, August 4th. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the company a buy rating in a research note on Thursday, May 18th. BidaskClub raised shares of Veracyte from a sell rating to a hold rating in a research note on Monday, July 31st. BTIG Research reissued a buy rating and issued a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. Finally, Janney Montgomery Scott reissued a buy rating and issued a $15.00 target price on shares of Veracyte in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. Veracyte currently has a consensus rating of Buy and a consensus price target of $12.45.

Veracyte (NASDAQ VCYT) traded down 0.99% during trading on Tuesday, reaching $7.99. The company had a trading volume of 204,252 shares. The stock’s market cap is $270.81 million. The firm has a 50-day moving average price of $8.12 and a 200 day moving average price of $8.27. Veracyte has a 12-month low of $5.82 and a 12-month high of $9.71.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.03. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The company had revenue of $18.40 million for the quarter, compared to the consensus estimate of $18.32 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. The business’s revenue was up 25.2% compared to the same quarter last year. Equities research analysts predict that Veracyte will post ($0.92) EPS for the current fiscal year.

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In related news, Director Evan/ Fa Jones sold 22,500 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $7.81, for a total value of $175,725.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 82,500 shares of company stock worth $649,325. 13.40% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in Veracyte by 26.1% during the second quarter. California State Teachers Retirement System now owns 41,987 shares of the biotechnology company’s stock worth $350,000 after buying an additional 8,700 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Veracyte by 52.1% during the second quarter. The Manufacturers Life Insurance Company now owns 22,961 shares of the biotechnology company’s stock worth $191,000 after buying an additional 7,867 shares during the last quarter. State Street Corp grew its stake in Veracyte by 6.9% during the second quarter. State Street Corp now owns 256,978 shares of the biotechnology company’s stock worth $2,139,000 after buying an additional 16,637 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Veracyte by 221.1% during the second quarter. Goldman Sachs Group Inc. now owns 43,567 shares of the biotechnology company’s stock worth $363,000 after buying an additional 29,997 shares during the last quarter. Finally, First Light Asset Management LLC grew its stake in Veracyte by 4.7% during the second quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock worth $6,285,000 after buying an additional 33,682 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Veracyte

Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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