Veracyte (NASDAQ:VCYT) Now Covered by Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of Veracyte (NASDAQ:VCYT) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $50.00 price target on the biotechnology company’s stock. Wolfe Research’s price objective points to a potential upside of 34.99% from the company’s current price.

Other analysts have also recently issued research reports about the company. UBS Group increased their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Leerink Partners raised their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. The Goldman Sachs Group boosted their price objective on shares of Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. Finally, Needham & Company LLC upped their target price on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Veracyte Stock Performance

Shares of VCYT opened at $37.04 on Friday. Veracyte has a 52 week low of $18.61 and a 52 week high of $41.43. The firm has a market capitalization of $2.87 billion, a P/E ratio of -246.93 and a beta of 1.67. The company has a 50-day simple moving average of $33.77 and a 200-day simple moving average of $27.43.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.03 by $0.16. The business had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. Veracyte’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, equities analysts forecast that Veracyte will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares of the company’s stock, valued at approximately $1,209,903.89. The trade was a 13.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Leite sold 5,479 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the sale, the insider now owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This represents a 6.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock valued at $163,649,000 after purchasing an additional 266,660 shares during the last quarter. Champlain Investment Partners LLC grew its position in Veracyte by 23.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock worth $59,779,000 after acquiring an additional 509,340 shares during the last quarter. William Blair Investment Management LLC increased its holdings in Veracyte by 67.4% in 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. Bamco Inc. NY raised its position in Veracyte by 46.3% in the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock valued at $24,726,000 after purchasing an additional 353,000 shares during the last quarter. Finally, Granite Investment Partners LLC boosted its stake in shares of Veracyte by 2.1% during the second quarter. Granite Investment Partners LLC now owns 934,994 shares of the biotechnology company’s stock valued at $20,261,000 after purchasing an additional 19,244 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.