Craig Hallum initiated coverage on shares of Veracyte (NASDAQ:VCYT - Free Report) in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $45.00 price target on the biotechnology company's stock.
Other analysts have also issued reports about the company. Guggenheim reissued a "buy" rating and issued a $45.00 price target on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com cut shares of Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $37.00 price target (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. UBS Group increased their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, Needham & Company LLC reissued a "buy" rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.22.
Read Our Latest Stock Report on Veracyte
Veracyte Stock Up 4.2 %
Shares of Veracyte stock traded up $1.34 during trading on Thursday, hitting $33.16. 622,517 shares of the company were exchanged, compared to its average volume of 808,907. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $47.32. The firm has a 50 day moving average price of $38.34 and a 200 day moving average price of $37.74. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of -221.07 and a beta of 1.80.
Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. During the same period in the previous year, the company earned ($0.39) EPS. Analysts predict that Veracyte will post 0.68 earnings per share for the current year.
Insider Buying and Selling at Veracyte
In other news, Director Karin Eastham sold 10,000 shares of the 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 sale, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. This trade represents a 35.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Veracyte
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Veracyte by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock worth $325,180,000 after purchasing an additional 463,098 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock worth $261,331,000 after buying an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in Veracyte by 3.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock worth $121,969,000 after buying an additional 97,824 shares in the last quarter. State Street Corp boosted its position in Veracyte by 0.3% in the 3rd quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock valued at $99,278,000 after buying an additional 7,920 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Veracyte by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company's stock valued at $62,806,000 after buying an additional 17,921 shares during the last quarter.
Veracyte Company Profile
(
Get Free Report)
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.
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