Analysts Set Veracyte, Inc. (NASDAQ:VCYT) Target Price at $55.88

Veracyte, Inc. (NASDAQ:VCYT) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $56.1250.

A number of research analysts have weighed in on the stock. Morgan Stanley lifted their price target on shares of Veracyte from $37.00 to $47.00 and gave the company an “underweight” rating in a research report on Thursday, July 9th. UBS Group increased their price objective on shares of Veracyte from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Piper Sandler initiated coverage on Veracyte in a report on Wednesday, July 15th. They issued an “overweight” rating and a $66.00 price target for the company. Wall Street Zen raised Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 12th. Finally, Canaccord Genuity Group reduced their price objective on Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday.

Insiders Place Their Bets

In related news, insider John Leite sold 13,975 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $50.07, for a total transaction of $699,728.25. Following the sale, the insider directly owned 132,305 shares in the company, valued at approximately $6,624,511.35. This trade represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, 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, Director Karin Eastham sold 3,729 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total value of $197,226.81. Following the transaction, the director directly owned 15,097 shares in the company, valued at $798,480.33. This trade represents a 19.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 206,696 shares of company stock valued at $10,079,058. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Veracyte by 21.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock worth $66,000 after purchasing an additional 196 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Veracyte by 2.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company’s stock worth $762,000 after purchasing an additional 400 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Veracyte by 1.3% in the 4th quarter. State of Alaska Department of Revenue now owns 44,264 shares of the biotechnology company’s stock worth $1,862,000 after purchasing an additional 552 shares during the period. California State Teachers Retirement System raised its holdings in shares of Veracyte by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock worth $1,922,000 after purchasing an additional 566 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in Veracyte by 7.9% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,894 shares of the biotechnology company’s stock valued at $332,000 after purchasing an additional 576 shares during the last quarter.

Veracyte Price Performance

Veracyte stock opened at $44.85 on Tuesday. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 31.81 and a beta of 1.95. Veracyte has a 12 month low of $23.35 and a 12 month high of $60.91. The stock’s 50-day moving average is $53.72 and its 200-day moving average is $42.33.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. The business had revenue of $150.32 million during the quarter, compared to analysts’ expectations of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. Research analysts anticipate that Veracyte will post 1.25 EPS for the current year.

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.