Veracyte (NASDAQ:VCYT) Given New $37.00 Price Target at Guggenheim

Veracyte (NASDAQ:VCYT - Free Report) had its price objective lowered by Guggenheim from $45.00 to $37.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company's stock.

VCYT has been the subject of a number of other reports. StockNews.com lowered shares of Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. UBS Group boosted their price objective 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. Craig Hallum began coverage on Veracyte in a report on Thursday, March 20th. They set a "buy" rating and a $45.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Finally, Stephens reaffirmed an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.60.

Veracyte Stock Performance

NASDAQ:VCYT traded up $0.03 on Wednesday, hitting $31.83. The stock had a trading volume of 423,718 shares, compared to its average volume of 859,621. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The firm's fifty day simple moving average is $34.26 and its two-hundred day simple moving average is $37.48. The stock has a market cap of $2.48 billion, a P/E ratio of -212.20 and a beta of 2.03.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $118.63 million for the quarter, compared to analysts' expectations of $110.73 million. During the same quarter in the prior year, the firm earned ($0.39) EPS. Equities research analysts predict that Veracyte will post 0.68 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in VCYT. Jones Financial Companies Lllp lifted its stake in shares of Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 237 shares during the last quarter. Versant Capital Management Inc boosted its stake in Veracyte by 1,267.6% during the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock worth $28,000 after buying an additional 862 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Veracyte in the fourth quarter valued at $64,000. US Bancorp DE raised its stake in shares of Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company's stock valued at $70,000 after acquiring an additional 647 shares during the period. Finally, Principal Securities Inc. lifted its holdings in shares of Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company's stock worth $76,000 after acquiring an additional 485 shares during the last quarter.

Veracyte Company Profile

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.