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

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the nine brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $41.13.

Several research firms have recently weighed in on VCYT. Needham & Company LLC raised their target price on Veracyte from $37.00 to $44.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Wolfe Research started coverage on Veracyte in a research note on Friday, November 15th. They issued an "outperform" rating and a $50.00 price objective for the company. Scotiabank lifted their target price on shares of Veracyte from $40.00 to $44.00 and gave the stock a "sector outperform" rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $37.00 price target (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th.

Insider Transactions at Veracyte

In related news, insider John Leite sold 1,050 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the completion of the sale, the insider now directly owns 73,810 shares of the company's stock, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the company's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the transaction, the chief financial officer now directly owns 114,037 shares in the company, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,038 shares of company stock worth $1,008,297 in the last 90 days. Insiders own 1.30% of the company's stock.

Institutional Trading of Veracyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VCYT. Castleview Partners LLC purchased a new stake in shares of Veracyte in the 3rd quarter valued at $87,000. Values First Advisors Inc. purchased a new stake in Veracyte during the third quarter worth about $91,000. KBC Group NV lifted its position in shares of Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock worth $91,000 after purchasing an additional 323 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Veracyte in the second quarter valued at approximately $58,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Veracyte by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company's stock worth $94,000 after buying an additional 496 shares during the period.

Veracyte Trading Down 0.6 %

NASDAQ:VCYT traded down $0.26 during trading hours on Friday, reaching $43.81. 652,528 shares of the company were exchanged, compared to its average volume of 858,429. The firm has a market cap of $3.40 billion, a PE ratio of -292.07 and a beta of 1.71. Veracyte has a twelve month low of $18.61 and a twelve month high of $46.00. The stock's 50-day moving average is $41.81 and its 200-day moving average is $34.66.

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