The Goldman Sachs Group Issues Positive Forecast for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT) had its target price boosted by The Goldman Sachs Group from $34.00 to $38.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Several other equities analysts have also commented on VCYT. Morgan Stanley upped their target price on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Guggenheim started coverage on shares of Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. Leerink Partners lifted their price objective on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. UBS Group upped their target price on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC lifted their price target on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Veracyte has a consensus rating of “Moderate Buy” and an average price target of $39.71.

Veracyte Stock Performance

Shares of VCYT stock traded down $0.86 on Thursday, hitting $36.48. The stock had a trading volume of 902,569 shares, compared to its average volume of 763,608. The stock’s 50 day moving average is $33.17 and its 200-day moving average is $26.86. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -248.93 and a beta of 1.67. Veracyte has a 52-week low of $18.61 and a 52-week high of $41.43.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The business had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same period in the previous year, the company earned ($0.03) earnings per share. The company’s revenue for the quarter was up 28.6% compared to the same quarter last year. Equities analysts expect that Veracyte will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now owns 34,343 shares in the company, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Veracyte news, insider John Leite sold 5,479 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,105,844.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,109 shares of company stock worth $1,004,125. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its position in Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares during the period. CWM LLC grew its position in shares of Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte in the 2nd quarter valued at approximately $58,000. Signature Resources Capital Management LLC acquired a new stake in shares of Veracyte in the second quarter worth $83,000. Finally, nVerses Capital LLC bought a new stake in Veracyte in the 2nd quarter valued at $85,000.

Veracyte Company Profile

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.