Veracyte (NASDAQ:VCYT) Earns Buy Rating from Needham & Company LLC

Veracyte (NASDAQ:VCYT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research report issued on Wednesday, TipRanks reports. They presently have a $34.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s target price points to a potential upside of 29.47% from the stock’s previous close.

Several other equities analysts have also recently commented on VCYT. ValuEngine upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Zacks Investment Research lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Finally, BidaskClub cut shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $28.75.

Shares of NASDAQ VCYT opened at $26.26 on Wednesday. Veracyte has a 52 week low of $10.73 and a 52 week high of $31.18. The stock has a market capitalization of $1.40 billion, a P/E ratio of -42.35 and a beta of 1.14. The stock’s fifty day moving average is $24.90 and its 200 day moving average is $25.82.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. The business had revenue of $30.97 million during the quarter, compared to analysts’ expectations of $30.41 million. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%. Research analysts anticipate that Veracyte will post -0.19 earnings per share for the current year.

In other news, insider John Walter Hanna, Jr. sold 15,497 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $28.55, for a total transaction of $442,439.35. Following the completion of the transaction, the insider now directly owns 66,416 shares in the company, valued at $1,896,176.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Kennedy sold 18,757 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $28.01, for a total value of $525,383.57. Following the completion of the transaction, the chief financial officer now owns 128,800 shares of the company’s stock, valued at $3,607,688. The disclosure for this sale can be found here. Insiders have sold a total of 125,752 shares of company stock valued at $3,308,464 in the last three months. 8.30% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of VCYT. Invesco Ltd. raised its position in Veracyte by 401.5% in the second quarter. Invesco Ltd. now owns 2,985,745 shares of the biotechnology company’s stock valued at $85,124,000 after purchasing an additional 2,390,394 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Veracyte by 144.4% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,764,236 shares of the biotechnology company’s stock worth $66,342,000 after buying an additional 1,633,287 shares during the period. Nikko Asset Management Americas Inc. boosted its position in Veracyte by 252.7% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock worth $61,247,000 after buying an additional 1,539,114 shares during the period. BlackRock Inc. grew its holdings in Veracyte by 43.8% during the 2nd quarter. BlackRock Inc. now owns 3,987,802 shares of the biotechnology company’s stock worth $113,692,000 after acquiring an additional 1,215,062 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in Veracyte during the 2nd quarter worth approximately $33,505,000.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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