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

Veracyte, Inc. (NASDAQ:VCYT) has been assigned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $31.25.

Several equities research analysts recently issued reports on VCYT shares. Morgan Stanley upped their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. Needham & Company LLC increased their target price on shares of Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th.

Veracyte Price Performance

NASDAQ VCYT opened at $34.83 on Tuesday. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -37.05 and a beta of 1.66. Veracyte has a 12 month low of $18.61 and a 12 month high of $35.51. The company’s fifty day moving average price is $28.68 and its two-hundred day moving average price is $23.85.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.10. The business had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.12) earnings per share. As a group, analysts anticipate that Veracyte will post 0.16 EPS for the current year.

Insider Activity at Veracyte

In other Veracyte news, insider John Leite sold 1,277 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the sale, the insider now directly owns 82,968 shares of the company’s stock, valued at $2,074,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Veracyte news, insider John Leite sold 1,277 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 $31,925.00. Following the completion of the transaction, the insider now owns 82,968 shares in the company, valued at approximately $2,074,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Evan/ Fa Jones sold 20,457 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at approximately $1,105,844.60. The disclosure for this sale can be found here. Insiders sold 40,745 shares of company stock worth $1,217,296 in the last 90 days. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in shares of Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 1,329 shares in the last quarter. CWM LLC lifted its stake in shares of Veracyte by 168.3% in the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Veracyte in the second quarter valued at approximately $58,000. Signature Resources Capital Management LLC acquired a new position in shares of Veracyte during the second quarter valued at approximately $83,000. Finally, nVerses Capital LLC bought a new stake in Veracyte during the second quarter worth approximately $85,000.

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.