Investment Analysts’ Recent Ratings Updates for Veracyte (VCYT)

by · The Cerbat Gem

A number of firms have modified their ratings and price targets on shares of Veracyte (NASDAQ: VCYT) recently:

  • 11/18/2024 – Veracyte had its price target raised by analysts at Morgan Stanley from $26.00 to $28.00. They now have an “underweight” rating on the stock.
  • 11/15/2024 – Veracyte is now covered by analysts at Wolfe Research. They set an “outperform” rating and a $50.00 price target on the stock.
  • 11/8/2024 – Veracyte had its price target raised by analysts at Scotiabank from $40.00 to $44.00. They now have a “sector outperform” rating on the stock.
  • 11/7/2024 – Veracyte had its price target raised by analysts at The Goldman Sachs Group, Inc. from $34.00 to $38.00. They now have a “buy” rating on the stock.
  • 11/7/2024 – Veracyte had its price target raised by analysts at UBS Group AG from $43.00 to $46.00. They now have a “buy” rating on the stock.
  • 11/7/2024 – Veracyte had its price target raised by analysts at Needham & Company LLC from $37.00 to $44.00. They now have a “buy” rating on the stock.
  • 10/17/2024 – Veracyte had its price target raised by analysts at Leerink Partners from $35.00 to $40.00. They now have an “outperform” rating on the stock.
  • 10/16/2024 – Veracyte is now covered by analysts at UBS Group AG. They set a “buy” rating and a $43.00 price target on the stock.
  • 10/10/2024 – Veracyte is now covered by analysts at Guggenheim. They set a “buy” rating and a $40.00 price target on the stock.

Veracyte Price Performance

Shares of VCYT traded up $0.06 during trading hours on Wednesday, hitting $39.21. 199,663 shares of the stock were exchanged, compared to its average volume of 769,457. The firm has a market capitalization of $3.04 billion, a P/E ratio of -261.40 and a beta of 1.67. The business has a 50-day moving average of $34.40 and a 200-day moving average of $27.96. Veracyte, Inc. has a fifty-two week low of $18.61 and a fifty-two week high of $41.43.

Veracyte (NASDAQ:VCYT – Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period last year, the company posted ($0.03) earnings per share. As a group, analysts forecast that Veracyte, Inc. will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 13.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the transaction, the insider now owns 76,174 shares of the company’s stock, valued at $2,268,461.72. This represents a 6.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VCYT. Point72 Asset Management L.P. bought a new position in shares of Veracyte during the second quarter valued at about $12,279,000. William Blair Investment Management LLC lifted its position in shares of Veracyte by 67.4% during the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock valued at $26,907,000 after purchasing an additional 500,020 shares in the last quarter. Bamco Inc. NY lifted its position in shares of Veracyte by 46.3% during the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock valued at $24,726,000 after purchasing an additional 353,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Veracyte by 288.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock valued at $12,284,000 after purchasing an additional 268,000 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Veracyte by 3.7% during the first quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock valued at $163,649,000 after purchasing an additional 266,660 shares in the last quarter.

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.

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