Veracyte Inc (VCYT) Receives Consensus Rating of “Buy” from Analysts

Shares of Veracyte Inc (NASDAQ:VCYT) have earned a consensus rating of “Buy” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $13.43.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Saturday, January 12th. BTIG Research lifted their price target on shares of Veracyte to $17.00 and gave the company a “buy” rating in a research report on Friday, January 4th. BidaskClub upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Monday, January 7th. William Blair restated an “outperform” rating on shares of Veracyte in a research report on Tuesday, October 30th. Finally, Janney Montgomery Scott downgraded Veracyte from a “buy” rating to a “neutral” rating and set a $12.30 price objective for the company. in a research report on Thursday, November 29th.

In other Veracyte news, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction on Monday, December 10th. The stock was sold at an average price of $12.13, for a total value of $97,040.00. Following the completion of the transaction, the chairman now directly owns 59,236 shares in the company, valued at approximately $718,532.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Bonnie H. Anderson sold 23,305 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $13.42, for a total value of $312,753.10. Following the completion of the transaction, the chairman now owns 75,846 shares of the company’s stock, valued at $1,017,853.32. The disclosure for this sale can be found here. Insiders have sold a total of 96,805 shares of company stock valued at $1,340,088 over the last 90 days. Insiders own 13.70% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in Veracyte during the 2nd quarter valued at $171,000. BlackRock Inc. lifted its stake in Veracyte by 15.4% during the 2nd quarter. BlackRock Inc. now owns 2,088,336 shares of the biotechnology company’s stock valued at $19,505,000 after acquiring an additional 278,240 shares in the last quarter. Bank of America Corp DE lifted its stake in Veracyte by 47.9% during the 2nd quarter. Bank of America Corp DE now owns 81,566 shares of the biotechnology company’s stock valued at $762,000 after acquiring an additional 26,408 shares in the last quarter. Millennium Management LLC lifted its stake in Veracyte by 18.8% during the 2nd quarter. Millennium Management LLC now owns 861,836 shares of the biotechnology company’s stock valued at $8,050,000 after acquiring an additional 136,096 shares in the last quarter. Finally, Versant Venture Management LLC bought a new position in Veracyte during the 3rd quarter valued at $34,535,000. Institutional investors own 86.73% of the company’s stock.

Shares of VCYT stock traded up $0.55 during midday trading on Friday, reaching $16.48. 12,313 shares of the company traded hands, compared to its average volume of 359,382. Veracyte has a 1-year low of $5.23 and a 1-year high of $16.62. The company has a current ratio of 9.14, a quick ratio of 8.81 and a debt-to-equity ratio of 0.32. The company has a market cap of $636.05 million, a price-to-earnings ratio of -18.12 and a beta of 0.53.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.13. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%. The company had revenue of $23.47 million during the quarter, compared to the consensus estimate of $21.52 million. Sell-side analysts forecast that Veracyte will post -0.69 earnings per share for the current fiscal year.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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