Scotiabank Forecasts Strong Price Appreciation for Veracyte (NASDAQ:VCYT) Stock

Veracyte (NASDAQ:VCYT - Free Report) had its target price increased by Scotiabank from $40.00 to $44.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a sector outperform rating on the biotechnology company's stock.

Several other brokerages have also issued reports on VCYT. The Goldman Sachs Group boosted their target price on Veracyte from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Thursday. Needham & Company LLC boosted their price objective on Veracyte from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Thursday. Leerink Partners increased their target price 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. Morgan Stanley lifted their target price on shares of Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a research note on Monday, August 12th. Finally, UBS Group lifted their price objective on shares of Veracyte from $43.00 to $46.00 and gave the company a "buy" rating in a research note on Thursday. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Veracyte has an average rating of "Moderate Buy" and an average price target of $39.71.

Veracyte Price Performance

Shares of NASDAQ VCYT traded down $0.86 during mid-day trading on Friday, reaching $36.48. 902,599 shares of the company's stock were exchanged, compared to its average volume of 763,608. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -248.93 and a beta of 1.67. The firm has a 50-day moving average price of $33.17 and a two-hundred day moving average price of $26.86. Veracyte has a 52 week low of $18.61 and a 52 week high of $41.43.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The firm had revenue of $115.86 million for the quarter, compared to analysts' expectations of $109.81 million. During the same period in the previous year, the company earned ($0.03) earnings per share. The company's quarterly revenue was up 28.6% on a year-over-year basis. As a group, sell-side analysts forecast that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Activity

In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the firm'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 sale, the director now owns 34,343 shares of the company's stock, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider John Leite sold 5,479 shares of the company's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was 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 accessible through the SEC website. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,109 shares of company stock worth $1,004,125 in the last three months. Corporate insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Veracyte

Institutional investors have recently modified their holdings of the company. KBC Group NV grew its position 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 acquiring an additional 323 shares during the last quarter. Inspire Investing LLC raised its position in Veracyte by 2.1% in the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company's stock worth $357,000 after purchasing an additional 340 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Veracyte by 21.7% in the third 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. CANADA LIFE ASSURANCE Co lifted its stake in Veracyte by 6.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company's stock worth $182,000 after purchasing an additional 530 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Veracyte by 3.7% during the second quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company's stock valued at $451,000 after purchasing an additional 733 shares during the period.

Veracyte Company Profile

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.