Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) PT at $34.80

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has received an average rating of "Moderate Buy" from the six brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $34.80.

A number of equities research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Veracyte from $21.00 to $26.00 and gave the company an "underweight" rating in a report on Monday, August 12th. Needham & Company LLC upped their price objective on shares of Veracyte from $31.00 to $37.00 and gave the company a "buy" rating in a research note on Wednesday, August 28th. UBS Group began coverage on Veracyte in a research note on Wednesday. They issued a "buy" rating and a $43.00 target price on the stock. Finally, Guggenheim began coverage on Veracyte in a research report on Thursday, October 10th. They set a "buy" rating and a $40.00 price target for the company.

Insiders Place Their Bets

In related news, Director Evan/ Fa Jones sold 5,173 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the sale, the director now directly owns 34,343 shares of the company's stock, valued at $1,209,903.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the sale, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,141 shares of company stock worth $1,180,116. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC grew its stake in shares of Veracyte by 66.7% during the 3rd quarter. nVerses Capital LLC now owns 6,500 shares of the biotechnology company's stock valued at $221,000 after acquiring an additional 2,600 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Veracyte in the third quarter worth $325,000. Creative Planning bought a new stake in shares of Veracyte during the 3rd quarter valued at $396,000. CWM LLC lifted its stake in shares of Veracyte by 215.0% during the 3rd quarter. CWM LLC now owns 4,776 shares of the biotechnology company's stock valued at $163,000 after buying an additional 3,260 shares in the last quarter. Finally, Diversified Trust Co boosted its holdings in Veracyte by 16.4% in the 3rd quarter. Diversified Trust Co now owns 32,661 shares of the biotechnology company's stock worth $1,112,000 after buying an additional 4,601 shares during the period.

Veracyte Stock Performance

Veracyte stock traded up $0.65 during mid-day trading on Wednesday, hitting $34.72. The company's stock had a trading volume of 670,332 shares, compared to its average volume of 767,130. The business has a 50 day moving average price of $32.13 and a 200-day moving average price of $25.26. Veracyte has a 12 month low of $18.61 and a 12 month high of $35.51.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.10. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The company had revenue of $114.43 million during the quarter, compared to analysts' expectations of $100.27 million. Veracyte's quarterly revenue was up 26.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.12) EPS. Research analysts expect that Veracyte will post 0.16 EPS for the current year.

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.