Veracyte (NASDAQ:VCYT) PT Raised to $31.00

Veracyte (NASDAQ:VCYT) had its price objective boosted by equities research analysts at Needham & Company LLC from $27.00 to $31.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 3.44% from the stock’s previous close.

Separately, The Goldman Sachs Group cut their target price on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Veracyte has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Veracyte Trading Up 10.8 %

NASDAQ VCYT opened at $29.97 on Wednesday. The company has a 50 day moving average of $22.31 and a 200-day moving average of $22.35. Veracyte has a 1-year low of $18.61 and a 1-year high of $30.86. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -31.87 and a beta of 1.65.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. The company had revenue of $114.43 million during the quarter, compared to the consensus estimate of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.54%. The company’s revenue was up 26.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.12) earnings per share. On average, analysts forecast that Veracyte will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Veracyte

In other news, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director now directly owns 33,228 shares of the company’s stock, valued at approximately $830,700. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider John Leite sold 1,277 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the completion of the sale, the insider now directly owns 82,968 shares of the company’s stock, valued at approximately $2,074,200. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director now directly owns 33,228 shares of the company’s stock, valued at $830,700. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,686 shares of company stock worth $382,807. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wrapmanager Inc. increased its stake in shares of Veracyte by 10.4% in the 2nd quarter. Wrapmanager Inc. now owns 17,910 shares of the biotechnology company’s stock valued at $388,000 after acquiring an additional 1,684 shares during the last quarter. William Blair Investment Management LLC increased its stake in Veracyte by 67.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock worth $26,907,000 after purchasing an additional 500,020 shares in the last quarter. Quest Partners LLC increased its stake in Veracyte by 34.0% during the 2nd quarter. Quest Partners LLC now owns 20,580 shares of the biotechnology company’s stock worth $446,000 after purchasing an additional 5,223 shares in the last quarter. Koss Olinger Consulting LLC bought a new stake in Veracyte during the 2nd quarter worth approximately $257,000. Finally, Arizona State Retirement System increased its stake in Veracyte by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock worth $451,000 after purchasing an additional 733 shares in the last quarter.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.