Veracyte (NASDAQ:VCYT) Now Covered by Wolfe Research

Wolfe Research assumed coverage on shares of Veracyte (NASDAQ:VCYTFree Report) in a report released on Friday morning, MarketBeat reports. The brokerage issued an outperform rating and a $50.00 target price on the biotechnology company’s stock.

Several other equities analysts have also recently weighed in on the company. Leerink Partners lifted their price target on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Scotiabank upped their price objective on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Guggenheim assumed coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. The Goldman Sachs Group upped their price target on Veracyte from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group upped their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $41.25.

Read Our Latest Analysis on VCYT

Veracyte Stock Performance

Shares of Veracyte stock opened at $36.71 on Friday. Veracyte has a 52 week low of $18.61 and a 52 week high of $41.43. The stock has a 50 day moving average price of $34.06 and a two-hundred day moving average price of $27.71. The stock has a market capitalization of $2.85 billion, a PE ratio of -242.47 and a beta of 1.67.

Veracyte (NASDAQ:VCYTGet Free Report) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. The company had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. Research analysts forecast that Veracyte will post 0.16 EPS for the current year.

Insider Activity at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,209,903.89. This represents a 13.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Leite sold 5,479 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 6.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veracyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VCYT. Blue Trust Inc. lifted its stake in Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 1,329 shares in the last quarter. CWM LLC increased its holdings in Veracyte by 168.3% in 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. acquired a new stake in Veracyte in the 2nd quarter valued at approximately $58,000. Signature Resources Capital Management LLC acquired a new position in shares of Veracyte in the second quarter worth $83,000. Finally, nVerses Capital LLC acquired a new position in shares of Veracyte in the second quarter worth $85,000.

About Veracyte

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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