Veracyte (NASDAQ:VCYT) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Veracyte (NASDAQ:VCYT) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

A number of other equities research analysts also recently issued reports on VCYT. Scotiabank increased their price target on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. Needham & Company LLC increased their price target on Veracyte from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group reissued 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. Wolfe Research initiated coverage on Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 price target on the stock. Finally, Morgan Stanley increased their price target on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Veracyte currently has an average rating of “Moderate Buy” and an average price target of $42.00.

Veracyte Trading Down 2.5 %

Veracyte stock opened at $41.05 on Tuesday. Veracyte has a 12 month low of $18.61 and a 12 month high of $47.32. The stock’s 50 day moving average is $42.04 and its 200-day moving average is $37.22. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -273.67 and a beta of 1.71.

Insiders Place Their Bets

In other news, CAO Jonathan Wygant sold 5,032 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the transaction, the chief accounting officer now directly owns 42,313 shares in the company, valued at approximately $1,814,804.57. This represents a 10.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karin Eastham sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were 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 of the company’s stock, valued at $745,429.10. The trade was a 35.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,565 shares of company stock worth $1,031,406 over the last three months. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in shares of Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 237 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Veracyte in the 4th quarter valued at $64,000. US Bancorp DE lifted its stake in shares of Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after acquiring an additional 647 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 485 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new position in shares of Veracyte in the 4th quarter valued at $91,000.

Veracyte Company Profile

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.