Veracyte (NASDAQ:VCYT) PT Raised to $37.00 at Needham & Company LLC

Veracyte (NASDAQ:VCYT) had its price target boosted by research analysts at Needham & Company LLC from $30.00 to $37.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 3.73% from the company’s previous close.

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

VCYT stock opened at $35.67 on Friday. The stock’s 50 day simple moving average is $27.75 and its 200 day simple moving average is $25.60. The company has a market cap of $1.79 billion, a P/E ratio of -56.62 and a beta of 0.84. Veracyte has a fifty-two week low of $13.90 and a fifty-two week high of $36.42.

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

In other news, CEO Bonnie H. Anderson sold 11,365 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $32.24, for a total transaction of $366,407.60. Following the completion of the sale, the chief executive officer now directly owns 283,572 shares of the company’s stock, valued at approximately $9,142,361.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Bonnie H. Anderson sold 3,280 shares of Veracyte stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $32.04, for a total value of $105,091.20. Following the sale, the chief executive officer now owns 275,487 shares in the company, valued at $8,826,603.48. The disclosure for this sale can be found here. Insiders sold a total of 207,654 shares of company stock valued at $5,927,681 over the last ninety days. 8.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of VCYT. Strs Ohio boosted its stake in Veracyte by 10.3% in the second quarter. Strs Ohio now owns 4,300 shares of the biotechnology company’s stock valued at $111,000 after acquiring an additional 400 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Veracyte by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 38,698 shares of the biotechnology company’s stock worth $941,000 after purchasing an additional 450 shares during the period. Advisors Asset Management Inc. lifted its stake in Veracyte by 10.1% in the fourth quarter. Advisors Asset Management Inc. now owns 7,061 shares of the biotechnology company’s stock valued at $197,000 after purchasing an additional 645 shares during the last quarter. Brinker Capital Inc. grew its holdings in Veracyte by 3.3% during the second quarter. Brinker Capital Inc. now owns 22,799 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 722 shares during the period. Finally, M&T Bank Corp increased its position in Veracyte by 6.8% in the second quarter. M&T Bank Corp now owns 13,550 shares of the biotechnology company’s stock worth $351,000 after buying an additional 867 shares during 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.

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