Needham & Company LLC Reiterates “Buy” Rating for Veracyte (NASDAQ:VCYT)

Veracyte (NASDAQ:VCYT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $51.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 29.57% from the company’s current price.

A number of other brokerages also recently commented on VCYT. Wolfe Research initiated coverage on shares of Veracyte in a research note on Friday, November 15th. They issued an “outperform” rating and a $50.00 target price on the stock. UBS Group raised their price objective on Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Morgan Stanley boosted their price target on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. Finally, Scotiabank upped their price target on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.00.

Veracyte Stock Performance

VCYT opened at $39.36 on Tuesday. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The firm has a 50 day moving average price of $41.88 and a 200 day moving average price of $37.60. The company has a market cap of $3.05 billion, a PE ratio of -262.40 and a beta of 1.71.

Insiders Place Their Bets

In other Veracyte news, CFO Rebecca Chambers sold 7,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total transaction of $302,610.00. Following the transaction, the chief financial officer now owns 114,037 shares of the company’s stock, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jonathan Wygant sold 5,032 shares of Veracyte stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the transaction, the chief accounting officer now owns 42,313 shares of the company’s stock, valued at approximately $1,814,804.57. The trade was a 10.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,565 shares of company stock valued at $1,031,406 in the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its stake in Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 237 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Veracyte during the 4th quarter valued at about $64,000. US Bancorp DE grew its position in shares of Veracyte by 57.4% during the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after buying an additional 647 shares during the last quarter. Principal Securities Inc. raised its stake in Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 485 shares during the period. Finally, Venturi Wealth Management LLC bought a new position in Veracyte in the fourth quarter worth about $91,000.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.