A number of other research analysts have also weighed in on VCYT. ValuEngine lowered Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Lake Street Capital started coverage on Veracyte in a research report on Wednesday, July 31st. They set a “buy” rating and a $35.00 price objective for the company. Needham & Company LLC set a $34.00 price target on Veracyte and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, TheStreet upgraded Veracyte from a “d” rating to a “c-” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $25.06.
NASDAQ VCYT opened at $25.32 on Thursday. The business’s fifty day moving average price is $26.12 and its 200-day moving average price is $25.13. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -40.84 and a beta of 1.07. Veracyte has a 1-year low of $8.77 and a 1-year high of $31.18.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.04. The business had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $29.20 million. Veracyte had a negative return on equity of 10.26% and a negative net margin of 11.01%. As a group, analysts expect that Veracyte will post -0.23 EPS for the current fiscal year.
In related news, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $28.79, for a total value of $230,320.00. Following the completion of the transaction, the chairman now owns 127,955 shares of the company’s stock, valued at $3,683,824.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Evan/ Fa Jones sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $26.38, for a total transaction of $395,700.00. Following the completion of the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at approximately $659,500. The disclosure for this sale can be found here. In the last three months, insiders sold 92,288 shares of company stock valued at $2,383,188. 8.30% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. River & Mercantile Asset Management LLP purchased a new position in Veracyte in the second quarter worth $6,797,000. Rehmann Capital Advisory Group grew its holdings in Veracyte by 379.7% in the second quarter. Rehmann Capital Advisory Group now owns 30,585 shares of the biotechnology company’s stock worth $872,000 after purchasing an additional 24,209 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Veracyte in the second quarter worth $395,000. Royal Bank of Canada grew its holdings in Veracyte by 1,537.7% in the second quarter. Royal Bank of Canada now owns 28,315 shares of the biotechnology company’s stock worth $807,000 after purchasing an additional 26,586 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Veracyte during the second quarter valued at $247,000. 99.64% of the stock is owned by institutional investors.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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