StockNews.com Downgrades Veracyte (NASDAQ:VCYT) to Hold

Veracyte (NASDAQ:VCYT) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

VCYT has been the subject of several other research reports. Scotiabank lifted their price target on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Needham & Company LLC boosted their target price on Veracyte from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Wolfe Research began coverage on shares of Veracyte in a research note on Friday, November 15th. They set an “outperform” rating and a $50.00 price target on the stock. Finally, UBS Group upped their price objective on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Veracyte Stock Performance

Veracyte stock opened at $42.11 on Tuesday. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $47.32. The firm’s fifty day moving average price is $42.11 and its 200-day moving average price is $37.20. The stock has a market cap of $3.26 billion, a P/E ratio of -280.73 and a beta of 1.71.

Insider Activity

In other news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction 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. This represents a 35.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total transaction of $302,610.00. Following the sale, the chief financial officer now owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. This represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,565 shares of company stock valued at $1,031,406. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veracyte

Hedge funds have recently made changes to their positions in the business. CWM LLC boosted its stake in shares of Veracyte by 215.0% during the 3rd quarter. CWM LLC now owns 4,776 shares of the biotechnology company’s stock valued at $163,000 after purchasing an additional 3,260 shares in the last quarter. Creative Planning bought a new stake in Veracyte during the 3rd quarter valued at approximately $396,000. Net Worth Advisory Group bought a new stake in Veracyte during the 3rd quarter valued at approximately $227,000. Blue Trust Inc. raised its position in shares of Veracyte by 100.6% in the 3rd quarter. Blue Trust Inc. now owns 2,781 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 1,395 shares in the last quarter. Finally, Castleview Partners LLC bought a new position in shares of Veracyte in the 3rd quarter worth approximately $87,000.

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.