Veracyte, Inc. (NASDAQ:VCYT) Stock Has Consensus Target Price of $55.78 According to Brokerages

by · The Cerbat Gem

Veracyte, Inc. (NASDAQ:VCYT – Get Free Report) has been given a consensus rating of “Moderate Buy” by the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $55.78.

Several research analysts have issued reports on VCYT shares. Needham & Company LLC restated a “buy” rating on shares of Veracyte in a research report on Tuesday, September 15th. Weiss Ratings downgraded Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Morgan Stanley cut their price objective on Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a research report on Tuesday, August 4th. UBS Group raised their price objective on Veracyte from $52.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Finally, Zacks Research lowered Veracyte from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd.

Check Out Our Latest Stock Analysis on VCYT

Insider Activity at Veracyte

In other news, CFO Rebecca Chambers sold 3,652 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $43.10, for a total transaction of $157,401.20. Following the completion of the sale, the chief financial officer directly owned 166,025 shares of the company’s stock, valued at $7,155,677.50. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Annie Mcguire sold 3,254 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $43.09, for a total value of $140,214.86. Following the sale, the executive vice president directly owned 131,160 shares of the company’s stock, valued at approximately $5,651,684.40. This represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 30,895 shares of company stock valued at $1,307,448 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Veracyte

Several institutional investors and hedge funds have recently bought and sold shares of VCYT. BlackRock Inc. purchased a new stake in Veracyte during the second quarter valued at about $792,058,000. Congress Asset Management Co. purchased a new position in shares of Veracyte in the third quarter worth approximately $89,971,000. William Blair Investment Management LLC purchased a new position in shares of Veracyte in the second quarter worth approximately $84,078,000. Bank of America Corp DE purchased a new position in shares of Veracyte in the second quarter worth approximately $64,737,000. Finally, Legal & General Group Plc acquired a new stake in shares of Veracyte during the second quarter valued at approximately $50,398,000.

Veracyte Price Performance

Shares of VCYT opened at $43.12 on Friday. The firm’s 50 day moving average is $43.44 and its 200-day moving average is $45.06. The stock has a market capitalization of $3.47 billion, a P/E ratio of 30.58 and a beta of 1.95. Veracyte has a 12-month low of $29.45 and a 12-month high of $60.91.

Veracyte (NASDAQ:VCYT – Get Free Report) last released its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. The business had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. As a group, equities research analysts forecast that Veracyte will post 1.32 EPS for the current fiscal year.

Veracyte Company Profile

(Get Free Report)

Veracyte, Inc is a diagnostic company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests analyze genetic information from patient samples and are intended to provide more precise answers than traditional diagnostic methods alone.

The company’s portfolio includes Afirma genomic tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests that support the evaluation of certain lung nodules.

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