Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) Target Price at $41.13

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the nine research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $41.13.

Several research analysts recently issued reports on VCYT shares. Wolfe Research began coverage on shares of Veracyte in a report on Friday, November 15th. They set an "outperform" rating and a $50.00 target price for the company. Scotiabank lifted their price objective on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research note on Friday, November 8th. Morgan Stanley boosted their price objective on Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a report on Monday, November 18th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $37.00 target price (down from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Finally, UBS Group boosted their price target on Veracyte from $43.00 to $46.00 and gave the company a "buy" rating in a report on Thursday, November 7th.

Veracyte Price Performance

Veracyte stock traded down $0.12 during trading hours on Monday, hitting $40.00. 456,468 shares of the stock traded hands, compared to its average volume of 766,588. The firm's 50 day moving average price is $39.30 and its 200-day moving average price is $32.13. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of -266.67 and a beta of 1.69. Veracyte has a 1 year low of $18.61 and a 1 year high of $46.00.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. Veracyte's revenue for the quarter was up 28.6% on a year-over-year basis. Research analysts forecast that Veracyte will post 0.38 earnings per share for the current fiscal year.

Insider Activity at Veracyte

In other news, CAO Jonathan Wygant sold 5,032 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the sale, the chief accounting officer now owns 42,313 shares of the company's stock, valued at $1,814,804.57. This represents a 10.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of Veracyte stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the sale, the chief financial officer now directly owns 114,037 shares in the company, valued at approximately $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,038 shares of company stock valued at $605,297. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Veracyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VCYT. State Street Corp increased its holdings 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 purchasing an additional 7,920 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Veracyte by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company's stock valued at $62,806,000 after acquiring an additional 17,921 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Veracyte by 67.4% in the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company's stock valued at $26,907,000 after purchasing an additional 500,020 shares during the period. Granite Investment Partners LLC grew its stake in Veracyte by 2.1% during the 2nd quarter. Granite Investment Partners LLC now owns 934,994 shares of the biotechnology company's stock worth $20,261,000 after purchasing an additional 19,244 shares in the last quarter. Finally, Eventide Asset Management LLC raised its position in Veracyte by 20.2% in the 3rd quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company's stock valued at $23,075,000 after purchasing an additional 113,883 shares in 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.