Veracyte Inc (NASDAQ:VCYT) Receives Consensus Rating of “Buy” from Brokerages

Shares of Veracyte Inc (NASDAQ:VCYT) have earned an average recommendation of “Buy” from the nine ratings firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $25.06.

A number of equities analysts have issued reports on the company. ValuEngine cut Veracyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Lake Street Capital assumed coverage on Veracyte in a report on Wednesday, July 31st. They set a “buy” rating and a $35.00 price target on the stock. Needham & Company LLC set a $34.00 price target on Veracyte and gave the stock a “buy” rating in a report on Wednesday, July 31st. TheStreet upgraded Veracyte from a “d” rating to a “c-” rating in a report on Thursday, August 1st. Finally, BidaskClub cut Veracyte from a “buy” rating to a “hold” rating in a report on Thursday, September 5th.

In related news, insider Giulia C. Kennedy sold 28,257 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $25.38, for a total value of $717,162.66. Following the transaction, the insider now directly owns 56,575 shares in the company, valued at approximately $1,435,873.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Walter Hanna, Jr. sold 18,593 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $25.66, for a total value of $477,096.38. Following the completion of the transaction, the insider now owns 84,085 shares in the company, valued at $2,157,621.10. The disclosure for this sale can be found here. Insiders have sold a total of 110,881 shares of company stock worth $2,860,284 over the last 90 days. Company insiders own 8.30% of the company’s stock.



Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of Veracyte by 43.8% in the 2nd quarter. BlackRock Inc. now owns 3,987,802 shares of the biotechnology company’s stock worth $113,692,000 after purchasing an additional 1,215,062 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Veracyte in the 1st quarter worth $86,400,000. Invesco Ltd. lifted its holdings in shares of Veracyte by 401.5% in the 2nd quarter. Invesco Ltd. now owns 2,985,745 shares of the biotechnology company’s stock worth $85,124,000 after purchasing an additional 2,390,394 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Veracyte by 36.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,298,052 shares of the biotechnology company’s stock worth $65,517,000 after purchasing an additional 618,054 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Veracyte by 252.7% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock worth $61,247,000 after purchasing an additional 1,539,114 shares in the last quarter. Institutional investors own 99.42% of the company’s stock.

VCYT stock traded down $0.96 during trading on Thursday, hitting $24.55. The company had a trading volume of 435,927 shares, compared to its average volume of 644,389. The business has a 50-day moving average of $25.64 and a 200-day moving average of $25.47. Veracyte has a one year low of $8.77 and a one year high of $31.18. The stock has a market cap of $1.23 billion, a PE ratio of -39.60 and a beta of 1.07.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.04. Veracyte had a negative return on equity of 10.26% and a negative net margin of 11.01%. The business had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $29.20 million. Equities analysts expect that Veracyte will post -0.23 earnings per share 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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