Lake Street Capital Increases Veracyte (NASDAQ:VCYT) Price Target to $40.00

Veracyte (NASDAQ:VCYT) had its price target lifted by Lake Street Capital from $35.00 to $40.00 in a report issued on Friday, The Fly reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Lake Street Capital’s price objective would suggest a potential upside of 12.14% from the stock’s current price.

A number of other research firms have also recently issued reports on VCYT. BidaskClub raised shares of Veracyte from a “hold” rating to a “buy” rating in a research note on Thursday, July 9th. Needham & Company LLC upped their price objective on Veracyte from $30.00 to $37.00 and gave the company a “buy” rating in a research note on Friday. SVB Leerink raised their target price on Veracyte from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Veracyte currently has a consensus rating of “Buy” and an average target price of $35.75.

Shares of NASDAQ VCYT opened at $35.67 on Friday. Veracyte has a 12 month low of $13.90 and a 12 month high of $36.42. The company has a market cap of $1.79 billion, a P/E ratio of -56.62 and a beta of 0.84. The business’s 50 day moving average is $27.75 and its two-hundred day moving average is $25.60.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Thursday, July 30th. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.22). Veracyte had a negative net margin of 27.49% and a negative return on equity of 13.24%. The business had revenue of $20.70 million for the quarter, compared to analyst estimates of $17.56 million. Sell-side analysts expect that Veracyte will post -0.67 earnings per share for the current year.

In related news, CEO Bonnie H. Anderson sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $26.56, for a total value of $531,200.00. Following the completion of the sale, the chief executive officer now owns 292,207 shares of the company’s stock, valued at $7,761,017.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Kennedy sold 86,424 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $28.20, for a total transaction of $2,437,156.80. Following the completion of the transaction, the chief financial officer now owns 158,398 shares of the company’s stock, valued at approximately $4,466,823.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 207,654 shares of company stock valued at $5,927,681. Insiders own 8.30% of the company’s stock.

Large investors have recently made changes to their positions in the business. ArrowMark Colorado Holdings LLC bought a new position in Veracyte in the first quarter valued at approximately $27,344,000. William Blair Investment Management LLC grew its holdings in Veracyte by 24.9% during the first quarter. William Blair Investment Management LLC now owns 4,457,011 shares of the biotechnology company’s stock valued at $108,350,000 after purchasing an additional 887,610 shares during the period. Loomis Sayles & Co. L P bought a new stake in Veracyte in the first quarter valued at approximately $17,607,000. Nikko Asset Management Americas Inc. raised its holdings in Veracyte by 7.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,287,467 shares of the biotechnology company’s stock worth $79,918,000 after purchasing an additional 234,216 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Veracyte by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,287,467 shares of the biotechnology company’s stock worth $79,918,000 after purchasing an additional 234,216 shares in the last quarter.

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.

Recommended Story: How does a reverse stock split work?

The Fly

Receive News & Ratings for Veracyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte and related companies with MarketBeat.com's FREE daily email newsletter.