Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has earned an average recommendation of “Moderate Buy” from the five research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $31.25.

A number of research firms have commented on VCYT. Morgan Stanley raised their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Needham & Company LLC lifted their target price on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th.

Insiders Place Their Bets

In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the sale, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total transaction of $30,990.96. Following the sale, the director now directly owns 46,413 shares in the company, valued at approximately $1,393,782.39. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Leite sold 1,277 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the completion of the transaction, the insider now owns 82,968 shares of the company’s stock, valued at approximately $2,074,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,745 shares of company stock valued at $1,217,296. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of large investors have recently modified their holdings of VCYT. Blue Trust Inc. grew its position in Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 1,329 shares during the last quarter. CWM LLC grew its holdings in shares of Veracyte by 168.3% during the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Veracyte in the 2nd quarter worth $58,000. Signature Resources Capital Management LLC bought a new stake in Veracyte in the second quarter worth $83,000. Finally, nVerses Capital LLC purchased a new stake in Veracyte during the second quarter valued at about $85,000.

Veracyte Trading Up 2.2 %

Shares of Veracyte stock opened at $33.63 on Tuesday. The business has a 50-day moving average price of $27.68 and a two-hundred day moving average price of $23.54. Veracyte has a 1-year low of $18.61 and a 1-year high of $33.81. The company has a market cap of $2.58 billion, a P/E ratio of -35.78 and a beta of 1.66.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.10. The firm had revenue of $114.43 million for the quarter, compared to analyst estimates of $100.27 million. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The company’s revenue was up 26.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.12) earnings per share. Equities research analysts forecast that Veracyte will post 0.16 EPS for the current fiscal year.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.