Veracyte, Inc. (NASDAQ:VCYT) Receives $45.17 Consensus Target Price from Brokerages

Shares of Veracyte, Inc. (NASDAQ:VCYT) have received a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $45.20.

VCYT has been the topic of a number of research analyst reports. Needham & Company LLC lifted their target price on Veracyte from $44.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Guggenheim raised their price objective on shares of Veracyte from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Veracyte in a research note on Friday. UBS Group reiterated a “buy” rating on shares of Veracyte in a report on Monday, January 12th. Finally, Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 27th.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $30.01 on Wednesday. Veracyte has a 1 year low of $22.61 and a 1 year high of $50.71. The firm has a market cap of $2.38 billion, a P/E ratio of 36.16 and a beta of 1.91. The stock has a fifty day moving average price of $35.98 and a two-hundred day moving average price of $38.35.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.12. The company had revenue of $140.64 million for the quarter, compared to the consensus estimate of $135.79 million. Veracyte had a return on equity of 8.05% and a net margin of 12.83%.The company’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.06 EPS. On average, research analysts predict that Veracyte will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Annie Mcguire sold 6,658 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $35.55, for a total transaction of $236,691.90. Following the completion of the sale, the senior vice president directly owned 94,706 shares of the company’s stock, valued at $3,366,798.30. This trade represents a 6.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Marc Stapley sold 45,523 shares of Veracyte stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $35.97, for a total value of $1,637,462.31. Following the completion of the transaction, the chief executive officer owned 357,554 shares in the company, valued at $12,861,217.38. The trade was a 11.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 75,782 shares of company stock worth $2,722,097 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised 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 boosted its holdings in shares of Veracyte by 12.2% in the first 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 buying an additional 21,330 shares during the period. Jane Street Group LLC boosted its holdings in shares of Veracyte by 94.7% in the first quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock worth $6,431,000 after buying an additional 105,499 shares during the period. Intech Investment Management LLC increased its position in shares of Veracyte by 54.1% in the first quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock worth $1,268,000 after acquiring an additional 15,017 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Veracyte by 4.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,991 shares of the biotechnology company’s stock valued at $486,000 after acquiring an additional 790 shares during the period.

Veracyte Company Profile

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.