Veracyte, Inc. (NASDAQ:VCYT) Receives $43.00 Consensus Target Price from Brokerages

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $43.00.

Several research firms have recently weighed in on VCYT. Needham & Company LLC reiterated a "buy" rating and set a $51.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. StockNews.com lowered Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Morgan Stanley lifted their target price on Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a research report on Monday, November 18th. The Goldman Sachs Group reissued a "neutral" rating and issued a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Finally, Guggenheim reaffirmed a "buy" rating and set a $45.00 price target on shares of Veracyte in a research report on Tuesday, February 25th.

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Insiders Place Their Bets

In related news, Director Karin Eastham sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the transaction, the director now directly owns 18,497 shares of the company's stock, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% of the company's stock.

Institutional Trading of Veracyte

Several institutional investors have recently added to or reduced their stakes in VCYT. Vanguard Group Inc. lifted its position in shares of Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock valued at $325,180,000 after acquiring an additional 463,098 shares during the period. Artisan Partners Limited Partnership lifted its position in shares of Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after acquiring an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in shares of Veracyte by 3.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock valued at $121,969,000 after acquiring an additional 97,824 shares during the period. State Street Corp lifted its position in shares of Veracyte by 0.3% during the 3rd quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock valued at $99,278,000 after acquiring an additional 7,920 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Veracyte by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company's stock worth $62,806,000 after buying an additional 17,921 shares in the last quarter.

Veracyte Stock Performance

VCYT traded up $0.01 during midday trading on Friday, reaching $31.24. 658,341 shares of the company were exchanged, compared to its average volume of 803,461. Veracyte has a one year low of $18.61 and a one year high of $47.32. The stock has a market capitalization of $2.44 billion, a P/E ratio of -208.27 and a beta of 1.80. The stock's 50-day simple moving average is $39.43 and its 200 day simple moving average is $37.69.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $118.63 million for the quarter, compared to analysts' expectations of $110.73 million. During the same quarter in the previous year, the business posted ($0.39) EPS. On average, research analysts anticipate that Veracyte will post 0.68 earnings per share for the current year.

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.