Veracyte (NASDAQ:VCYT) PT Raised to $26.00

Veracyte (NASDAQ:VCYT) had its target price increased by Morgan Stanley from $21.00 to $26.00 in a research note released on Monday morning, Benzinga reports. They currently have an underweight rating on the biotechnology company’s stock.

VCYT has been the topic of several other research reports. The Goldman Sachs Group decreased their price objective on Veracyte from $32.00 to $28.00 and set a buy rating on the stock in a research note on Monday, April 15th. Needham & Company LLC raised their target price on shares of Veracyte from $27.00 to $31.00 and gave the stock a buy rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of Moderate Buy and an average price target of $29.75.

Veracyte Stock Up 4.7 %

Shares of VCYT stock opened at $32.66 on Monday. The company has a 50 day moving average price of $23.48 and a 200-day moving average price of $22.57. Veracyte has a 52 week low of $18.61 and a 52 week high of $33.06. The firm has a market capitalization of $2.51 billion, a PE ratio of -34.74 and a beta of 1.65.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.10. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $100.27 million. During the same period last year, the firm posted ($0.12) earnings per share. The business’s revenue for the quarter was up 26.7% on a year-over-year basis. Analysts anticipate that Veracyte will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total value of $658,715.40. Following the completion of the sale, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total value of $658,715.40. Following the completion of the sale, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Muna Bhanji sold 1,539 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $21.00, for a total transaction of $32,319.00. Following the completion of the sale, the director now directly owns 26,975 shares of the company’s stock, valued at $566,475. The disclosure for this sale can be found here. Insiders sold a total of 43,175 shares of company stock valued at $1,217,514 in the last three months. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Inspire Investing LLC raised its stake in shares of Veracyte by 2.1% during the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 340 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Veracyte by 6.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock worth $182,000 after acquiring an additional 530 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Veracyte by 3.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,141 shares of the biotechnology company’s stock worth $554,000 after acquiring an additional 711 shares in the last quarter. Arizona State Retirement System increased its stake in Veracyte by 3.7% during the 2nd 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Veracyte by 9.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock valued at $207,000 after purchasing an additional 778 shares in the last quarter.

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.