Veracyte (NASDAQ:VCYT) Given New $38.00 Price Target at The Goldman Sachs Group

Veracyte (NASDAQ:VCYT) had its price target boosted by research analysts at The Goldman Sachs Group from $34.00 to $38.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 2.34% from the company’s previous close.

Several other equities research analysts also recently issued reports on VCYT. Leerink Partners lifted their price objective on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Needham & Company LLC lifted their target price on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. Morgan Stanley lifted their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. UBS Group lifted their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Guggenheim initiated coverage on Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Veracyte has an average rating of “Moderate Buy” and an average price target of $39.00.

Veracyte Trading Up 6.3 %

VCYT stock traded up $2.32 during midday trading on Thursday, hitting $38.91. 1,026,426 shares of the company’s stock were exchanged, compared to its average volume of 758,760. Veracyte has a 12-month low of $18.61 and a 12-month high of $41.43. The firm has a 50 day moving average price of $33.06 and a 200-day moving average price of $26.79. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of -51.92 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The company had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same period in the previous year, the business earned ($0.03) EPS. Veracyte’s revenue for the quarter was up 28.6% compared to the same quarter last year. On average, sell-side analysts forecast that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Evan/ Fa Jones sold 20,457 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at $1,105,844.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at $1,105,844.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Leite sold 5,479 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,141 shares of company stock worth $1,035,116 in the last three months. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Veracyte by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock worth $163,649,000 after buying an additional 266,660 shares in the last quarter. Bamco Inc. NY raised its position in shares of Veracyte by 46.3% during the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after buying an additional 353,000 shares in the last quarter. Sei Investments Co. raised its position in shares of Veracyte by 21.2% during the 1st quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after buying an additional 24,945 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Veracyte by 9.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after buying an additional 778 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Veracyte by 21.8% during the 2nd quarter. Victory Capital Management Inc. now owns 87,555 shares of the biotechnology company’s stock worth $1,897,000 after buying an additional 15,647 shares in 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.