Veracyte (NASDAQ:VCYT) Given Buy Rating at Needham & Company LLC

Veracyte (NASDAQ:VCYT)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $51.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 29.57% from the stock’s previous close.

Several other analysts have also recently issued reports on VCYT. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Morgan Stanley lifted their target price on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. Wolfe Research began coverage on shares of Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 price target for the company. UBS Group increased their target price on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Scotiabank increased their price objective on Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Veracyte Price Performance

Shares of Veracyte stock opened at $39.36 on Tuesday. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -262.40 and a beta of 1.71. The firm’s 50-day moving average is $41.88 and its two-hundred day moving average is $37.60.

Insider Buying and Selling

In other news, CFO Rebecca Chambers sold 7,000 shares of the firm’s 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 directly owns 114,037 shares in the company, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jonathan Wygant sold 5,032 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the sale, the chief accounting officer now directly owns 42,313 shares of the company’s stock, valued at $1,814,804.57. This represents a 10.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,565 shares of company stock worth $1,031,406. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veracyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its stake in Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 237 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Veracyte in the fourth quarter valued at $64,000. US Bancorp DE grew its holdings in shares of Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after acquiring an additional 647 shares during the period. Principal Securities Inc. grew its stake in Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 485 shares during the last quarter. Finally, KBC Group NV increased its position in Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after buying an additional 323 shares in 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.