Veracyte, Inc. (NASDAQ:VCYT) Given Average Rating of “Moderate Buy” by Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has been given an average rating of “Moderate Buy” by the five brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $27.50.

VCYT has been the topic of a number of recent analyst reports. Needham & Company LLC cut their price target on Veracyte from $33.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. The Goldman Sachs Group dropped their target price on Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, April 15th.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the transaction, the director now owns 33,228 shares of the company’s stock, valued at $830,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Veracyte news, insider John Leite sold 1,277 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the transaction, the insider now owns 82,968 shares of the company’s stock, valued at $2,074,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director now directly owns 33,228 shares in the company, valued at approximately $830,700. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,686 shares of company stock valued at $382,807. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fiera Capital Corp grew its position in Veracyte by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 625,536 shares of the biotechnology company’s stock worth $13,555,000 after purchasing an additional 7,219 shares in the last quarter. Rhumbline Advisers grew its position in Veracyte by 6.7% during the 2nd quarter. Rhumbline Advisers now owns 128,774 shares of the biotechnology company’s stock worth $2,791,000 after purchasing an additional 8,096 shares in the last quarter. nVerses Capital LLC purchased a new position in Veracyte during the 2nd quarter worth approximately $85,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Veracyte by 5.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company’s stock worth $473,000 after purchasing an additional 1,173 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Veracyte by 18.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,065 shares of the biotechnology company’s stock worth $240,000 after purchasing an additional 1,740 shares in the last quarter.

Veracyte Trading Down 5.9 %

VCYT opened at $21.60 on Monday. The business’s 50 day moving average is $22.18 and its 200-day moving average is $22.43. The stock has a market cap of $1.65 billion, a PE ratio of -22.98 and a beta of 1.64. Veracyte has a twelve month low of $18.61 and a twelve month high of $29.35.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.17. The company had revenue of $96.84 million for the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.11) earnings per share. As a group, analysts forecast that Veracyte will post -0.05 EPS for the current year.

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.