Veracyte’s (VCYT) Overweight Rating Reaffirmed at Stephens

Veracyte (NASDAQ:VCYT)‘s stock had its “overweight” rating reaffirmed by equities researchers at Stephens in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $45.00 target price on the biotechnology company’s stock. Stephens’ price objective indicates a potential upside of 37.50% from the company’s previous close.

A number of other equities analysts have also recently weighed in on VCYT. Craig Hallum started coverage on shares of Veracyte in a research report on Thursday, March 20th. They issued a “buy” rating and a $45.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $51.00 price target on shares of Veracyte in a report on Tuesday, February 25th. UBS Group raised their price objective on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Guggenheim reaffirmed a “buy” rating and issued a $45.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. Finally, StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.40.

Veracyte Price Performance

NASDAQ VCYT traded down $0.96 on Wednesday, reaching $32.73. The company had a trading volume of 502,613 shares, compared to its average volume of 808,355. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The firm has a 50-day moving average of $38.19 and a 200-day moving average of $37.78. The firm has a market capitalization of $2.55 billion, a PE ratio of -218.07 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the previous year, the company posted ($0.39) earnings per share. As a group, sell-side analysts expect that Veracyte will post 0.68 EPS for the current fiscal year.

Insider Activity at Veracyte

In other news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now directly owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of large investors have recently bought and sold shares of VCYT. Jones Financial Companies Lllp grew its holdings in shares of Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 237 shares during the last quarter. Arizona State Retirement System grew its stake in Veracyte by 1.2% during the 4th quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock worth $882,000 after buying an additional 264 shares during the last quarter. Synovus Financial Corp grew its stake in Veracyte by 1.2% during the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company’s stock worth $916,000 after buying an additional 267 shares during the last quarter. HighTower Advisors LLC increased its position in Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock worth $659,000 after buying an additional 305 shares during the period. Finally, Principal Securities Inc. lifted its stake in Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 485 shares during the last quarter.

Veracyte Company Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.