Veracyte (NASDAQ:VCYT) Lowered to "Hold" Rating by StockNews.com

Veracyte (NASDAQ:VCYT - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday.

A number of other equities research analysts have also weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Needham & Company LLC lifted their target price on shares of Veracyte from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Wolfe Research started coverage on shares of Veracyte in a research note on Friday, November 15th. They set an "outperform" rating and a $50.00 target price on the stock. Morgan Stanley lifted their target price on shares of Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. Finally, Scotiabank boosted their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Veracyte currently has a consensus rating of "Moderate Buy" and an average price target of $42.00.

Veracyte Price Performance

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

Insider Buying and Selling

In other Veracyte news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jonathan Wygant sold 5,032 shares of Veracyte stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the completion of the transaction, the chief accounting officer now directly owns 42,313 shares of the company's stock, valued at $1,814,804.57. This trade represents a 10.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,565 shares of company stock valued at $1,031,406 over the last quarter. Corporate insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Veracyte by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock worth $325,180,000 after buying an additional 463,098 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in Veracyte by 31.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock worth $261,331,000 after buying an additional 1,576,432 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of Veracyte by 3.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock valued at $121,969,000 after purchasing an additional 97,824 shares during the last quarter. State Street Corp raised its holdings in shares of Veracyte by 0.3% during the third 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. Finally, Geode Capital Management LLC raised its holdings in shares of Veracyte by 1.0% during 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 purchasing an additional 17,921 shares during 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.