Veracyte, Inc. (NASDAQ:VCYT) Receives Average Rating of “Moderate Buy” from Analysts

Veracyte, Inc. (NASDAQ:VCYT) has received a consensus rating of “Moderate Buy” from the five analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $27.50.

A number of brokerages have commented on VCYT. The Goldman Sachs Group reduced their price objective on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Needham & Company LLC reduced their price objective on Veracyte from $33.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $21.60 on Monday. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -22.98 and a beta of 1.65. The business’s 50-day simple moving average is $22.18 and its 200-day simple moving average is $22.37. Veracyte has a 52 week low of $18.61 and a 52 week high of $29.35.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.17. The business had revenue of $96.84 million for the quarter, compared to analyst estimates of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) EPS. As a group, equities research analysts forecast that Veracyte will post -0.05 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Karin Eastham sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the transaction, the director now owns 33,228 shares in the company, valued at approximately $830,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Veracyte news, Director Muna Bhanji sold 1,539 shares of Veracyte stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $21.00, for a total value of $32,319.00. Following the completion of the transaction, the director now owns 26,975 shares in the company, valued at approximately $566,475. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karin Eastham sold 7,500 shares of Veracyte stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director now owns 33,228 shares of the company’s stock, valued at approximately $830,700. The disclosure for this sale can be found here. Insiders sold 16,686 shares of company stock worth $382,807 in the last 90 days. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veracyte

Several institutional investors have recently bought and sold shares of VCYT. CANADA LIFE ASSURANCE Co raised its position in shares of Veracyte by 6.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock worth $182,000 after acquiring an additional 530 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Veracyte by 3.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,141 shares of the biotechnology company’s stock worth $554,000 after acquiring an additional 711 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Veracyte by 9.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after acquiring an additional 778 shares during the last quarter. CWM LLC raised its position in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 951 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Veracyte by 5.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company’s stock worth $473,000 after acquiring an additional 1,173 shares during the last quarter.

About Veracyte

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.