Veracyte (NASDAQ:VCYT) Sets New 52-Week High After Analyst Upgrade

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) shares hit a new 52-week high on Thursday after Needham & Company LLC raised their price target on the stock from $44.00 to $51.00. Needham & Company LLC currently has a buy rating on the stock. Veracyte traded as high as $46.18 and last traded at $46.56, with a volume of 42960 shares trading hands. The stock had previously closed at $44.44.

Other equities analysts also recently issued reports about the stock. Wolfe Research assumed coverage on shares of Veracyte in a research note on Friday, November 15th. They issued an "outperform" rating and a $50.00 price target on the stock. Leerink Partners upped their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. The Goldman Sachs Group restated 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. Morgan Stanley upped their price target 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, StockNews.com downgraded shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Veracyte presently has an average rating of "Moderate Buy" and a consensus price target of $42.00.

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the firm's stock in a transaction that occurred on 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 owns 18,497 shares in the company, valued at $745,429.10. This trade represents a 35.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jonathan Wygant sold 956 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total transaction of $41,452.16. Following the completion of the transaction, the chief accounting officer now owns 40,270 shares of the company's stock, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,038 shares of company stock valued at $1,008,297. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in VCYT. KBC Group NV raised its holdings in Veracyte by 13.7% during the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock worth $91,000 after purchasing an additional 323 shares during the last quarter. Principal Securities Inc. raised its holdings in Veracyte by 34.1% during the 4th 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 last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings 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 purchasing an additional 496 shares during the last quarter. Rhumbline Advisers raised its holdings in Veracyte by 0.6% during the 4th quarter. Rhumbline Advisers now owns 123,324 shares of the biotechnology company's stock worth $4,884,000 after purchasing an additional 675 shares during the last quarter. Finally, Virtus Fund Advisers LLC raised its holdings in Veracyte by 32.9% during the 3rd quarter. Virtus Fund Advisers LLC now owns 4,798 shares of the biotechnology company's stock worth $163,000 after purchasing an additional 1,189 shares during the last quarter.

Veracyte Stock Performance

The firm's fifty day simple moving average is $42.39 and its 200-day simple moving average is $35.58. The stock has a market cap of $3.50 billion, a P/E ratio of -301.21 and a beta of 1.71.

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