Veracyte (NASDAQ:VCYT) Price Target Raised to $44.00 at Scotiabank

Veracyte (NASDAQ:VCYT) had its target price increased by Scotiabank from $40.00 to $44.00 in a report published on Friday morning,Benzinga reports. They currently have a sector outperform rating on the biotechnology company’s stock.

A number of other equities analysts have also weighed in on the company. Morgan Stanley boosted their price objective on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. UBS Group boosted their price objective on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday. Needham & Company LLC boosted their price objective on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday. Leerink Partners boosted their price objective on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Guggenheim assumed coverage on Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price on the stock. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.71.

Veracyte Stock Performance

Shares of NASDAQ:VCYT traded down $0.86 during trading on Friday, reaching $36.48. The stock had a trading volume of 902,733 shares, compared to its average volume of 763,608. The business has a fifty day moving average price of $33.27 and a 200-day moving average price of $26.98. The stock has a market cap of $2.80 billion, a PE ratio of -243.20 and a beta of 1.67. Veracyte has a 1-year low of $18.61 and a 1-year high of $41.43.

Veracyte (NASDAQ:VCYT) last issued its quarterly 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. The firm had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The business’s revenue was up 28.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. Sell-side analysts expect that Veracyte will post 0.16 earnings per share for the current year.

Insider Activity at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value 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 can be accessed through this hyperlink. In related news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value 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 can be accessed through this hyperlink. Also, insider John Leite sold 5,479 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,109 shares of company stock worth $1,004,125. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veracyte

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in Veracyte by 2,331.6% during the 2nd 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 increased its holdings in Veracyte by 168.3% during the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 951 shares during the period. Castleview Partners LLC purchased a new stake in Veracyte during the 3rd quarter worth about $87,000. Values First Advisors Inc. purchased a new stake in Veracyte during the 3rd quarter worth about $91,000. Finally, KBC Group NV boosted its position in shares of Veracyte by 13.7% during the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 323 shares in the last quarter.

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.