Veracyte (NASDAQ:VCYT) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Veracyte (NASDAQ:VCYT) in a report released on Monday morning, AnalystRatings.com reports. They currently have a $34.00 target price on the biotechnology company’s stock.

A number of other research analysts have also recently issued reports on VCYT. Zacks Investment Research cut shares of Veracyte from a buy rating to a hold rating in a report on Friday, November 8th. Lake Street Capital initiated coverage on shares of Veracyte in a report on Wednesday, July 31st. They set a buy rating and a $35.00 price objective for the company. ValuEngine upgraded shares of Veracyte from a sell rating to a hold rating in a report on Thursday, October 31st. BidaskClub upgraded shares of Veracyte from a hold rating to a buy rating in a report on Thursday, November 7th. Finally, TheStreet upgraded shares of Veracyte from a d rating to a c- rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $25.46.

NASDAQ VCYT traded up $0.52 during trading on Monday, reaching $25.96. 406,900 shares of the stock traded hands, compared to its average volume of 646,383. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -41.87 and a beta of 1.01. The stock’s 50-day moving average price is $23.83 and its 200 day moving average price is $25.55. Veracyte has a fifty-two week low of $10.73 and a fifty-two week high of $31.18.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.05. The firm had revenue of $30.97 million during the quarter, compared to analysts’ expectations of $30.41 million. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%. As a group, equities analysts anticipate that Veracyte will post -0.19 EPS for the current fiscal year.

In other news, CFO Keith Kennedy sold 1,243 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $28.00, for a total value of $34,804.00. Following the completion of the transaction, the chief financial officer now owns 111,286 shares in the company, valued at $3,116,008. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Walter Hanna, Jr. sold 19,571 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $25.18, for a total transaction of $492,797.78. Following the completion of the transaction, the insider now owns 85,063 shares of the company’s stock, valued at approximately $2,141,886.34. The disclosure for this sale can be found here. Insiders sold 116,529 shares of company stock valued at $2,982,326 in the last quarter. Corporate insiders own 8.30% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in Veracyte by 401.5% during the second 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Veracyte by 144.4% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,764,236 shares of the biotechnology company’s stock worth $66,342,000 after purchasing an additional 1,633,287 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in Veracyte by 252.7% during the second 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 during the last quarter. BlackRock Inc. boosted its holdings in Veracyte by 43.8% during the second 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 during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in Veracyte during the second quarter worth $33,505,000.

About Veracyte

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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