Veracyte’s (VCYT) Overweight Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of Veracyte (NASDAQ:VCYT) in a research note published on Wednesday,Benzinga reports. Stephens currently has a $45.00 price objective on the biotechnology company’s stock.

Several other brokerages also recently commented on VCYT. The Goldman Sachs Group reissued a “neutral” rating and issued a $37.00 price objective (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Craig Hallum assumed coverage on Veracyte in a research note on Thursday, March 20th. They issued a “buy” rating and a $45.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. Guggenheim reiterated a “buy” rating and issued a $45.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. Finally, StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Veracyte currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.40.

Veracyte Stock Performance

Shares of VCYT stock opened at $30.12 on Wednesday. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $47.32. The stock’s fifty day moving average price is $37.57 and its two-hundred day moving average price is $37.69. The company has a market cap of $2.35 billion, a PE ratio of -200.80 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period last year, the firm posted ($0.39) earnings per share. On average, equities analysts predict that Veracyte will post 0.68 EPS for the current fiscal year.

Insider Activity at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the sale, the director now owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. This represents a 35.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its position in shares of Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 237 shares during the period. GF Fund Management CO. LTD. bought a new stake in Veracyte in the fourth quarter valued at $64,000. US Bancorp DE raised its holdings in shares of Veracyte by 57.4% during the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 647 shares during the period. Principal Securities Inc. boosted its position in shares of Veracyte by 34.1% during the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 485 shares in the last quarter. Finally, Venturi Wealth Management LLC bought a new position in shares of Veracyte during the 4th 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.