Veracyte Inc. (VCYT) Downgraded to “Sell” at Zacks Investment Research
According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “
A number of other analysts also recently weighed in on VCYT. BTIG Research reiterated a buy rating and set a $10.00 price target on shares of Veracyte in a report on Monday, June 13th. Cantor Fitzgerald reiterated a buy rating on shares of Veracyte in a report on Monday, June 13th. Piper Jaffray Cos. reiterated an overweight rating and set a $10.00 price target (down from $12.00) on shares of Veracyte in a report on Thursday, August 4th. Finally, Leerink Swann reiterated a buy rating on shares of Veracyte in a report on Thursday, June 23rd. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Veracyte presently has an average rating of Buy and an average target price of $9.42.
Veracyte (NASDAQ:VCYT) traded down 1.81% during mid-day trading on Thursday, hitting $7.60. The company had a trading volume of 7,607 shares. The company’s 50 day moving average price is $6.48 and its 200-day moving average price is $5.54. The firm’s market capitalization is $211.77 million. Veracyte has a 12-month low of $4.21 and a 12-month high of $8.15.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. The company earned $14.68 million during the quarter, compared to analyst estimates of $14.80 million. Veracyte had a negative net margin of 70.10% and a negative return on equity of 82.26%. The business’s revenue for the quarter was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.35) earnings per share. On average, analysts forecast that Veracyte will post ($1.47) EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the stock. Kopp Investment Advisors LLC boosted its position in shares of Veracyte by 55.7% in the second quarter. Kopp Investment Advisors LLC now owns 21,975 shares of the company’s stock valued at $111,000 after buying an additional 7,860 shares during the last quarter. Royce & Associates LP acquired a new position in shares of Veracyte during the second quarter valued at $136,000. California State Teachers Retirement System boosted its position in shares of Veracyte by 2.1% in the second quarter. California State Teachers Retirement System now owns 29,387 shares of the company’s stock valued at $148,000 after buying an additional 600 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Veracyte by 110.9% in the first quarter. Renaissance Technologies LLC now owns 37,374 shares of the company’s stock valued at $202,000 after buying an additional 19,655 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Veracyte by 9.5% in the second quarter. Bank of New York Mellon Corp now owns 45,806 shares of the company’s stock valued at $231,000 after buying an additional 3,955 shares during the last quarter. 55.31% of the stock is currently owned by institutional investors and hedge funds.
Veracyte Company Profile
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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