Veracyte (NASDAQ:VCYT) Price Target Raised to $49.00

Veracyte (NASDAQ:VCYT) had its price target hoisted by UBS Group from $46.00 to $49.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other brokerages also recently weighed in on VCYT. Morgan Stanley raised their target price on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 target price (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a report on Tuesday. Finally, Scotiabank increased their price objective on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Veracyte Trading Down 4.8 %

Shares of NASDAQ:VCYT opened at $33.84 on Tuesday. The company has a market capitalization of $2.62 billion, a PE ratio of -225.60 and a beta of 1.71. Veracyte has a 12-month low of $18.61 and a 12-month high of $47.32. The business’s fifty day simple moving average is $41.63 and its 200-day simple moving average is $37.61.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the previous year, the company posted ($0.39) earnings per share. Research analysts predict that Veracyte will post 0.68 EPS for the current year.

Insider Activity at Veracyte

In other Veracyte news, CAO Jonathan Wygant sold 956 shares of Veracyte stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total transaction of $41,452.16. Following the completion of the transaction, the chief accounting officer now owns 40,270 shares in the company, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Leite sold 1,050 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the transaction, the insider now directly owns 73,810 shares of the company’s stock, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,533 shares of company stock worth $815,584 over the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 237 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Veracyte in the 4th quarter valued at $64,000. US Bancorp DE boosted its holdings in Veracyte by 57.4% during the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after buying an additional 647 shares in the last quarter. Principal Securities Inc. grew its position in Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 485 shares during the period. Finally, KBC Group NV increased its holdings in Veracyte by 13.7% in the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after buying an additional 323 shares in the last quarter.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.