Veracyte Inc (NASDAQ:VCYT) Receives Average Rating of “Buy” from Brokerages

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Veracyte Inc (NASDAQ:VCYT) has received a consensus rating of “Buy” from the seven brokerages that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $28.67.

A number of equities research analysts have commented on the stock. BidaskClub raised shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. ValuEngine raised shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Zacks Investment Research lowered Veracyte from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 target price on shares of Veracyte in a report on Monday, November 18th.

In other news, 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 sale, the chief financial officer now directly owns 128,800 shares of the company’s stock, valued at $3,607,688. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Walter Hanna, Jr. sold 15,497 shares of the firm’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 sale, the insider now owns 66,416 shares in the company, valued at $1,896,176.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,752 shares of company stock worth $3,308,464. 8.30% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its position in Veracyte by 1,433.3% during the third quarter. Tower Research Capital LLC TRC now owns 1,150 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 1,075 shares during the last quarter. Advisor Group Inc. bought a new stake in shares of Veracyte during the second quarter valued at approximately $29,000. NumerixS Investment Technologies Inc bought a new stake in shares of Veracyte during the second quarter valued at approximately $54,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Veracyte in the second quarter valued at approximately $78,000. Finally, US Bancorp DE boosted its holdings in shares of Veracyte by 540.9% in the second quarter. US Bancorp DE now owns 2,916 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 2,461 shares during the period.

Shares of NASDAQ:VCYT opened at $27.19 on Tuesday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -43.85 and a beta of 1.14. The business has a 50-day simple moving average of $24.88 and a two-hundred day simple moving average of $25.81. Veracyte has a fifty-two week low of $10.73 and a fifty-two week high of $31.18.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%. The firm had revenue of $30.97 million during the quarter, compared to analyst estimates of $30.41 million. As a group, sell-side analysts anticipate that Veracyte will post -0.19 EPS for the current year.

About Veracyte

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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