Veracyte (VCYT) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a buy rating in a research report released on Saturday morning. The brokerage currently has $20.00 target price on the biotechnology company’s stock.

According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “

VCYT has been the subject of several other reports. BidaskClub raised Veracyte from a hold rating to a buy rating in a research note on Monday, January 7th. ValuEngine raised Veracyte from a buy rating to a strong-buy rating in a research note on Friday, October 12th. Janney Montgomery Scott raised Veracyte from a neutral rating to a buy rating in a research note on Wednesday, October 31st. William Blair reissued an outperform rating on shares of Veracyte in a research note on Tuesday, October 30th. Finally, BTIG Research increased their price objective on Veracyte to $17.00 and gave the stock a buy rating in a research note on Friday, January 4th. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. Veracyte currently has a consensus rating of Buy and a consensus target price of $15.08.

Shares of Veracyte stock opened at $18.18 on Friday. The stock has a market capitalization of $750.80 million, a P/E ratio of -19.98 and a beta of 0.99. The company has a debt-to-equity ratio of 0.32, a current ratio of 9.14 and a quick ratio of 8.81. Veracyte has a 1 year low of $5.23 and a 1 year high of $19.44.

In other Veracyte news, Chairman Bonnie H. Anderson sold 25,500 shares of the company’s stock in a transaction dated Thursday, January 10th. The stock was sold at an average price of $15.29, for a total value of $389,895.00. Following the transaction, the chairman now directly owns 94,041 shares of the company’s stock, valued at approximately $1,437,886.89. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Bonnie H. Anderson sold 8,000 shares of the company’s stock in a transaction dated 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 $718,532.68. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Group One Trading L.P. acquired a new position in Veracyte in the 4th quarter worth about $29,000. Tower Research Capital LLC TRC increased its position in Veracyte by 562.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 12,640 shares of the biotechnology company’s stock worth $121,000 after purchasing an additional 10,732 shares during the last quarter. SG Americas Securities LLC acquired a new position in Veracyte in the 3rd quarter worth about $127,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Veracyte in the 4th quarter worth about $140,000. Finally, Trexquant Investment LP acquired a new position in Veracyte in the 3rd quarter worth about $149,000. 88.69% of the stock is currently owned by institutional investors.

Veracyte Company Profile

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

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