Veracyte (NASDAQ:VCYT) Upgraded by StockNews.com to Buy Rating

Veracyte (NASDAQ:VCYT - Get Free Report) was upgraded by StockNews.com from a "hold" rating to a "buy" rating in a research report issued on Monday.

VCYT has been the subject of a number of other reports. Needham & Company LLC increased their price target on Veracyte from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. 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 research report on Thursday, December 5th. Scotiabank raised their target price on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research report on Friday, November 8th. Leerink Partners raised their target price on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Finally, Morgan Stanley raised their target price on Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

Veracyte Stock Up 3.7 %

NASDAQ VCYT traded up $1.48 on Monday, reaching $41.07. The company had a trading volume of 527,238 shares, compared to its average volume of 786,726. The stock has a market capitalization of $3.18 billion, a P/E ratio of -273.79 and a beta of 1.71. The company's fifty day moving average is $42.28 and its 200 day moving average is $36.59. Veracyte has a 52-week low of $18.61 and a 52-week high of $47.32.

Insider Buying and Selling

In other Veracyte news, CAO Jonathan Wygant sold 956 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the completion of the transaction, the chief accounting officer now owns 40,270 shares in the company, valued at $1,746,107.20. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total value of $302,610.00. Following the completion of the transaction, the chief financial officer now owns 114,037 shares of the company's stock, valued at approximately $4,929,819.51. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,565 shares of company stock valued at $1,031,406. 1.30% of the stock is owned by insiders.

Institutional Trading of Veracyte

A number of large investors have recently modified their holdings of the business. Lord Abbett & CO. LLC boosted its position in shares of Veracyte by 39.6% during the 4th quarter. Lord Abbett & CO. LLC now owns 389,606 shares of the biotechnology company's stock valued at $15,428,000 after acquiring an additional 110,574 shares during the last quarter. Oberweis Asset Management Inc. boosted its position in shares of Veracyte by 4.6% during the 4th quarter. Oberweis Asset Management Inc. now owns 748,720 shares of the biotechnology company's stock valued at $29,649,000 after acquiring an additional 32,800 shares during the last quarter. Syon Capital LLC purchased a new position in shares of Veracyte during the 4th quarter valued at about $212,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Veracyte by 3.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock valued at $1,918,000 after buying an additional 1,816 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of Veracyte during the 4th quarter valued at about $845,000.

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.