UBS Group Begins Coverage on Veracyte (NASDAQ:VCYT)

UBS Group initiated coverage on shares of Veracyte (NASDAQ:VCYT) in a note issued to investors on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $43.00 price target on the biotechnology company’s stock. UBS Group’s target price would indicate a potential upside of 26.21% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Guggenheim started coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. Needham & Company LLC boosted their price target on Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Morgan Stanley raised their price objective on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.80.

Veracyte Stock Up 0.4 %

NASDAQ VCYT opened at $34.07 on Wednesday. Veracyte has a 12-month low of $18.61 and a 12-month high of $35.51. The company has a market capitalization of $2.60 billion, a P/E ratio of -36.24 and a beta of 1.67. The firm has a 50-day moving average price of $32.13 and a two-hundred day moving average price of $25.26.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.10. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The business had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. During the same quarter in the prior year, the business posted ($0.12) earnings per share. Veracyte’s revenue was up 26.7% compared to the same quarter last year. Equities analysts expect that Veracyte will post 0.16 EPS for the current year.

Insider Transactions at Veracyte

In related news, Director Jens Holstein sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $29.00, for a total transaction of $145,000.00. Following the sale, the director now owns 27,878 shares of the company’s stock, valued at $808,462. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now directly owns 34,343 shares of the company’s stock, valued at $1,105,844.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jens Holstein sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $29.00, for a total transaction of $145,000.00. Following the transaction, the director now directly owns 27,878 shares of the company’s stock, valued at $808,462. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,141 shares of company stock worth $1,180,116. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its position in Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares during the last quarter. CWM LLC boosted its holdings in Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte during the 2nd quarter valued at approximately $58,000. Signature Resources Capital Management LLC bought a new position in Veracyte during the 2nd quarter worth approximately $83,000. Finally, nVerses Capital LLC acquired a new position in shares of Veracyte in the 2nd quarter worth approximately $85,000.

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.