Veracyte, Inc. (NASDAQ:VCYT) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $42.00.

Several research analysts have recently weighed in on the company. UBS Group lifted their price objective on Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Scotiabank raised their target price on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research note on Friday, November 8th. Needham & Company LLC raised their target price on Veracyte from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Wolfe Research initiated coverage on Veracyte in a research note on Friday, November 15th. They issued an "outperform" rating and a $50.00 target price for the company. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $37.00 target price (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th.

Veracyte Stock Performance

Shares of VCYT stock traded down $1.87 during mid-day trading on Tuesday, hitting $39.18. The company's stock had a trading volume of 852,055 shares, compared to its average volume of 789,698. The company's fifty day simple moving average is $42.04 and its 200-day simple moving average is $37.22. Veracyte has a 52 week low of $18.61 and a 52 week high of $47.32. The company has a market cap of $3.04 billion, a PE ratio of -261.20 and a beta of 1.71.

Insider Buying and Selling at Veracyte

In other 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 value of $403,000.00. Following the transaction, the director now owns 18,497 shares in the company, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Leite sold 1,050 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the transaction, the insider now owns 73,810 shares in the company, valued at $3,192,282.50. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,565 shares of company stock worth $1,031,406. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently modified their holdings of VCYT. Jones Financial Companies Lllp boosted 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 worth $28,000 after buying an additional 237 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Veracyte in the 4th quarter worth approximately $64,000. US Bancorp DE boosted its stake in shares of Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company's stock worth $70,000 after buying an additional 647 shares during the last quarter. Principal Securities Inc. raised 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 purchasing an additional 485 shares during the period. Finally, Castleview Partners LLC bought a new stake in shares of Veracyte in the 3rd quarter worth approximately $87,000.

About Veracyte

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.