Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) PT at $29.00

Shares of Veracyte, Inc. (NASDAQ:VCYT) have earned an average rating of “Moderate Buy” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $29.00.

A number of analysts recently weighed in on VCYT shares. William Blair reaffirmed an “outperform” rating on shares of Veracyte in a research note on Friday, February 23rd. The Goldman Sachs Group lowered their price objective on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Needham & Company LLC increased their price target on shares of Veracyte from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Morgan Stanley decreased their price target on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a research report on Monday, February 26th.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the sale, the director now directly owns 33,125 shares of the company’s stock, valued at $717,156.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently modified their holdings of VCYT. International Assets Investment Management LLC acquired a new position in shares of Veracyte during the third quarter valued at about $38,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Veracyte by 96.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,862 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 913 shares in the last quarter. CWM LLC increased its holdings in shares of Veracyte by 533.0% during the third quarter. CWM LLC now owns 2,146 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,807 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of Veracyte during the third quarter valued at about $84,000. Finally, Assetmark Inc. increased its holdings in shares of Veracyte by 16.9% during the third quarter. Assetmark Inc. now owns 8,573 shares of the biotechnology company’s stock valued at $191,000 after acquiring an additional 1,239 shares in the last quarter.

Veracyte Price Performance

NASDAQ:VCYT opened at $19.31 on Friday. Veracyte has a 1-year low of $18.61 and a 1-year high of $30.52. The company has a 50-day moving average of $21.60 and a 200 day moving average of $23.86. The firm has a market cap of $1.45 billion, a PE ratio of -18.75 and a beta of 1.62.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The company had revenue of $98.20 million during the quarter, compared to analyst estimates of $95.49 million. Sell-side analysts anticipate that Veracyte will post -0.29 EPS for the current fiscal year.

Veracyte Company Profile

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.