Veracyte (NASDAQ:VCYT) Given New $44.00 Price Target at Needham & Company LLC

Veracyte (NASDAQ:VCYT - Free Report) had its target price boosted by Needham & Company LLC from $37.00 to $44.00 in a research report released on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the biotechnology company's stock.

VCYT has been the subject of several other reports. Leerink Partners raised their price objective on shares of Veracyte from $35.00 to $40.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. UBS Group assumed coverage on Veracyte in a research note on Wednesday, October 16th. They set a "buy" rating and a $43.00 price objective for the company. Guggenheim started coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a "buy" rating and a $40.00 price target on the stock. Finally, Morgan Stanley increased their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

Veracyte Stock Performance

VCYT traded up $1.22 on Thursday, reaching $37.81. 1,395,470 shares of the company's stock were exchanged, compared to its average volume of 760,469. Veracyte has a twelve month low of $18.61 and a twelve month high of $41.43. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -51.92 and a beta of 1.67. The company's 50 day moving average is $33.06 and its 200-day moving average is $26.79.

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

Insiders Place Their Bets

In related news, Director Evan/ Fa Jones sold 5,173 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now owns 34,343 shares of the company's stock, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares of the company's stock, valued at approximately $1,209,903.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Leite sold 5,479 shares of the stock in a transaction on Wednesday, September 4th. The shares were 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 of the company's stock, valued at approximately $2,268,461.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,141 shares of company stock worth $1,035,116. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Veracyte

Large investors have recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company's stock valued at $31,000 after buying an additional 1,329 shares during the last quarter. CWM LLC raised its holdings in shares of Veracyte by 168.3% in the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 951 shares during the period. Castleview Partners LLC purchased a new stake in Veracyte in the third quarter worth $87,000. Values First Advisors Inc. bought a new position in shares of Veracyte during the 3rd quarter worth $91,000. Finally, KBC Group NV lifted its holdings 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

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.