StockNews.com cut shares of Veracyte (NASDAQ:VCYT - Free Report) from a buy rating to a hold rating in a research report report published on Wednesday morning.
A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $37.00 price target (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and set a $45.00 target price on shares of Veracyte in a report on Tuesday, February 25th. Morgan Stanley upped their price target on Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. Finally, Scotiabank lifted their price objective on shares of Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.
Check Out Our Latest Stock Report on VCYT
Veracyte Trading Up 2.7 %
Shares of Veracyte stock traded up $0.92 during trading hours on Wednesday, reaching $34.76. The stock had a trading volume of 1,193,066 shares, compared to its average volume of 896,397. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -231.73 and a beta of 1.71. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The firm has a 50 day simple moving average of $41.40 and a two-hundred day simple moving average of $37.66.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $118.63 million for the quarter, compared to analysts' expectations of $110.73 million. During the same period in the previous year, the company posted ($0.39) earnings per share. Sell-side analysts forecast that Veracyte will post 0.68 EPS for the current year.
Insider Activity
In other news, insider John Leite sold 1,050 shares of the company's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the sale, the insider now owns 73,810 shares in the company, valued at approximately $3,192,282.50. This represents a 1.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jonathan Wygant sold 956 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total transaction of $41,452.16. Following the transaction, the chief accounting officer now directly owns 40,270 shares in the company, valued at $1,746,107.20. The trade was a 2.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 19,533 shares of company stock worth $815,584. 1.30% of the stock is currently owned by insiders.
Institutional Trading of Veracyte
Hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its position 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 acquiring an additional 237 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in Veracyte during the fourth quarter worth $64,000. US Bancorp DE boosted its holdings in Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company's stock worth $70,000 after purchasing an additional 647 shares during the period. Principal Securities Inc. boosted its holdings in Veracyte by 34.1% in the fourth 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, KBC Group NV increased its stake in Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock valued at $91,000 after purchasing an additional 323 shares during the last quarter.
About Veracyte
(
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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.
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