Veracyte Inc (NASDAQ:VCYT) Receives Average Recommendation of “Buy” from Brokerages

Shares of Veracyte Inc (NASDAQ:VCYT) have earned an average rating of “Buy” from the eight ratings firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $20.06.

Several equities research analysts recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Veracyte in a research note on Tuesday, July 2nd. They set a “buy” rating and a $33.00 price target on the stock. Zacks Investment Research lowered shares of Zynex from a “hold” rating to a “sell” rating in a report on Saturday, May 4th. Finally, BidaskClub lowered shares of Amyris from a “hold” rating to a “sell” rating in a report on Thursday, June 27th.

In other Veracyte news, insider Christopher M. Hall sold 115,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $25.26, for a total transaction of $2,904,900.00. Following the completion of the transaction, the insider now directly owns 71,462 shares of the company’s stock, valued at approximately $1,805,130.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Bonnie H. Anderson sold 8,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $22.99, for a total transaction of $183,920.00. Following the transaction, the chairman now directly owns 103,292 shares of the company’s stock, valued at $2,374,683.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,000 shares of company stock valued at $3,529,780. 8.30% of the stock is owned by company insiders.



A number of hedge funds have recently made changes to their positions in the business. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Veracyte in the 1st quarter valued at about $86,400,000. Millennium Management LLC boosted its holdings in shares of Veracyte by 81.0% in the 4th quarter. Millennium Management LLC now owns 1,418,286 shares of the biotechnology company’s stock valued at $17,842,000 after buying an additional 634,597 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in shares of Veracyte by 23,740.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 609,134 shares of the biotechnology company’s stock valued at $15,241,000 after buying an additional 606,579 shares during the period. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Veracyte in the 1st quarter valued at about $14,934,000. Finally, William Blair Investment Management LLC acquired a new position in shares of Veracyte in the 1st quarter valued at about $11,887,000. 94.32% of the stock is owned by institutional investors.

Veracyte stock traded down $0.94 during midday trading on Friday, hitting $27.33. 502,435 shares of the stock were exchanged, compared to its average volume of 802,468. Veracyte has a 1 year low of $8.77 and a 1 year high of $30.25. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -44.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.06 and a current ratio of 6.32. The company has a 50 day simple moving average of $26.63.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.05. Veracyte had a negative net margin of 15.51% and a negative return on equity of 23.43%. The firm had revenue of $29.53 million for the quarter, compared to the consensus estimate of $28.20 million. On average, equities research analysts anticipate that Veracyte will post -0.28 EPS for the current fiscal year.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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