Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s share price dropped 6.1% during mid-day trading on Wednesday . The company traded as low as $31.61 and last traded at $31.64. Approximately 697,793 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 809,008 shares. The stock had previously closed at $33.69.
Analysts Set New Price Targets
VCYT has been the topic of several research reports. Craig Hallum started coverage on shares of Veracyte in a research note on Thursday, March 20th. They set a "buy" rating and a $45.00 price objective on the stock. Stephens reissued an "overweight" rating and issued a $45.00 price target on shares of Veracyte in a report on Wednesday. Guggenheim restated a "buy" rating and set a $45.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. 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. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $37.00 price target (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.40.
Read Our Latest Research Report on VCYT
Veracyte Stock Performance
The company has a market cap of $2.35 billion, a P/E ratio of -200.80 and a beta of 1.80. The stock has a 50 day moving average price of $37.57 and a 200 day moving average price of $37.75.
Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same period in the previous year, the company earned ($0.39) earnings per share. As a group, equities research analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.
Institutional Trading of Veracyte
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Veracyte by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock valued at $325,180,000 after acquiring an additional 463,098 shares during the period. Artisan Partners Limited Partnership raised its stake in Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after purchasing an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Veracyte by 3.3% in 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 in the last quarter. State Street Corp boosted its position in shares of Veracyte by 0.3% in the third quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock worth $99,278,000 after buying an additional 7,920 shares during the period. Finally, Geode Capital Management LLC grew 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 buying an additional 17,921 shares in the last quarter.
Veracyte Company Profile
(
Get Free Report)
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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