Veracyte (NASDAQ:VCYT) Price Target Raised to $38.00

Veracyte (NASDAQ:VCYT - Get Free Report) had its price target boosted by equities research analysts at The Goldman Sachs Group from $34.00 to $38.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. The Goldman Sachs Group's target price suggests a potential upside of 1.77% from the company's current price.

VCYT has been the topic of several other research reports. UBS Group lifted their price target on shares of Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley lifted their target price on Veracyte from $21.00 to $26.00 and gave the company an "underweight" rating in a research report on Monday, August 12th. Guggenheim started coverage on Veracyte in a report on Thursday, October 10th. They set a "buy" rating and a $40.00 price target for the company. Leerink Partners raised their price objective on Veracyte from $35.00 to $40.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Finally, Needham & Company LLC lifted their price objective on Veracyte from $37.00 to $44.00 and gave the company a "buy" rating in a research report on Thursday. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, Veracyte presently has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Veracyte Stock Performance

Shares of NASDAQ VCYT traded up $0.75 during midday trading on Thursday, hitting $37.34. 1,934,537 shares of the stock traded hands, compared to its average volume of 762,964. The firm has a market capitalization of $2.87 billion, a P/E ratio of -49.79 and a beta of 1.67. Veracyte has a one year low of $18.61 and a one year high of $41.43. The firm has a 50-day moving average of $33.17 and a two-hundred day moving average of $26.86.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. The company had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. Veracyte's revenue was up 28.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) earnings per share. Equities analysts forecast that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In related news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the sale, the insider now owns 76,174 shares of the company's stock, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Evan/ Fa Jones sold 20,457 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now directly owns 34,343 shares of the company's stock, valued at $1,105,844.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Leite sold 5,479 shares of the business's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the sale, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,141 shares of company stock valued at $1,035,116 over the last 90 days. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Veracyte

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Veracyte by 9.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company's stock valued at $207,000 after acquiring an additional 778 shares during the period. SG Americas Securities LLC purchased a new position in shares of Veracyte during the first quarter valued at approximately $140,000. Sei Investments Co. grew its stake in shares of Veracyte by 21.2% during the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company's stock valued at $3,160,000 after buying an additional 24,945 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Veracyte by 15.3% in the first quarter. Inspire Investing LLC now owns 16,122 shares of the biotechnology company's stock worth $357,000 after buying an additional 2,139 shares during the period. Finally, ProShare Advisors LLC lifted its stake in shares of Veracyte by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 18,342 shares of the biotechnology company's stock worth $406,000 after acquiring an additional 1,625 shares during the last quarter.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.