Veracyte (NASDAQ:VCYT) Trading 9.9% Higher on Analyst Upgrade

Shares of Veracyte, Inc. (NASDAQ:VCYT) rose 9.9% during trading on Wednesday after UBS Group raised their price target on the stock from $46.00 to $49.00. UBS Group currently has a buy rating on the stock. Veracyte traded as high as $35.95 and last traded at $36.77. Approximately 451,819 shares traded hands during trading, a decline of 46% from the average daily volume of 835,314 shares. The stock had previously closed at $33.46.

A number of other analysts also recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $51.00 price target on shares of Veracyte in a research report on Tuesday. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Tuesday, February 18th. Wolfe Research began coverage on shares of Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 target price on the stock. Scotiabank lifted their price target on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley increased their target price on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Insider Transactions at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Leite sold 1,050 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the completion of the transaction, the insider now owns 73,810 shares in the company, valued at $3,192,282.50. The trade was a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,533 shares of company stock valued at $815,584. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Large investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its stake in Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 237 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Veracyte during the fourth quarter worth about $64,000. US Bancorp DE raised its stake in shares of Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after purchasing an additional 647 shares during the last quarter. Principal Securities Inc. raised its holdings in shares of Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 485 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Veracyte by 13.7% in 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 during the last quarter.

Veracyte Trading Up 10.9 %

The company has a 50-day simple moving average of $41.88 and a 200 day simple moving average of $37.60. The firm has a market cap of $2.88 billion, a PE ratio of -246.86 and a beta of 1.71.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million during the quarter, compared to analysts’ expectations of $110.73 million. During the same quarter last year, the firm earned ($0.39) earnings per share. On average, equities analysts expect that Veracyte, Inc. will post 0.68 earnings per share for the current year.

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.