Veracyte, Inc. (NASDAQ:VCYT) Given Average Rating of “Moderate Buy” by Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has received a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $43.00.

Several brokerages have weighed in on VCYT. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 price objective (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Needham & Company LLC reissued a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. UBS Group boosted their target price on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, Guggenheim restated a “buy” rating and set a $45.00 target price on shares of Veracyte in a research report on Tuesday, February 25th.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $31.78 on Friday. The business’s 50 day moving average is $38.96 and its two-hundred day moving average is $37.65. Veracyte has a 1-year low of $18.61 and a 1-year high of $47.32. The stock has a market capitalization of $2.48 billion, a P/E ratio of -211.87 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. During the same period in the previous year, the firm posted ($0.39) earnings per share. As a group, equities research analysts anticipate that Veracyte will post 0.68 earnings per share for the current fiscal year.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the sale, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Trading of Veracyte

A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC purchased a new stake in Veracyte during the third quarter worth $554,000. Eventide Asset Management LLC lifted its holdings in Veracyte by 20.2% during the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock worth $23,075,000 after buying an additional 113,883 shares during the period. Erste Asset Management GmbH purchased a new stake in Veracyte during the third quarter worth $574,000. Neo Ivy Capital Management purchased a new stake in Veracyte during the third quarter worth $820,000. Finally, Intech Investment Management LLC purchased a new stake in Veracyte during the third quarter worth $723,000.

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.