Veracyte (NASDAQ:VCYT) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

Veracyte (NASDAQ:VCYT – Get Free Report) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.

VCYT has been the topic of a number of other research reports. Morgan Stanley decreased their target price on Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 4th. Piper Sandler decreased their price objective on Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. UBS Group lifted their target price on Veracyte from $52.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 9th. Guggenheim upped their price target on Veracyte from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Finally, Stephens decreased their price target on Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.78.

View Our Latest Analysis on VCYT

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $45.23 on Friday. The stock has a market capitalization of $3.64 billion, a PE ratio of 32.08 and a beta of 1.95. The business has a fifty day moving average price of $43.69 and a two-hundred day moving average price of $44.75. Veracyte has a fifty-two week low of $29.45 and a fifty-two week high of $60.91.

Veracyte (NASDAQ:VCYT – Get Free Report) last issued its quarterly 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 company had revenue of $150.32 million for the quarter, compared to analysts’ expectations of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%. Veracyte’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.44 earnings per share. On average, equities analysts expect that Veracyte will post 1.32 EPS for the current year.

Insider Buying and Selling

In related news, CFO Rebecca Chambers sold 3,652 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $43.10, for a total transaction of $157,401.20. Following the completion of the transaction, the chief financial officer owned 166,025 shares in the company, valued at approximately $7,155,677.50. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, insider John Leite sold 4,015 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $40.00, for a total transaction of $160,600.00. Following the sale, the insider owned 124,329 shares of the company’s stock, valued at $4,973,160. This trade represents a 3.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,895 shares of company stock worth $1,307,448 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Several large investors have recently added to or reduced their stakes in VCYT. Artemis Investment Management LLP boosted its position in shares of Veracyte by 0.6% in the third quarter. Artemis Investment Management LLP now owns 643,021 shares of the biotechnology company’s stock valued at $29,605,000 after acquiring an additional 4,088 shares during the period. Congress Asset Management Co. bought a new stake in Veracyte during the 3rd quarter worth approximately $89,971,000. Tidal Investments LLC bought a new stake in Veracyte during the 2nd quarter worth approximately $993,000. WINTON GROUP Ltd purchased a new stake in Veracyte in the 2nd quarter worth approximately $540,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Veracyte in the second quarter worth $44,000.

About Veracyte

(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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