Veracyte Inc. (VCYT) Receives Average Recommendation of “Buy” from Analysts
Veracyte Inc. (NASDAQ:VCYT) has received an average rating of “Buy” from the seven research firms that are presently covering the firm. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $11.00.
VCYT has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed a “buy” rating and set a $13.00 target price on shares of Veracyte in a research note on Wednesday, June 29th. Zacks Investment Research downgraded Veracyte from a “hold” rating to a “sell” rating in a research note on Thursday, October 6th. William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Tuesday. Leerink Swann reissued a “buy” rating on shares of Veracyte in a research note on Thursday, June 23rd. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $10.00 price objective (down previously from $12.00) on shares of Veracyte in a research note on Thursday, August 4th.
Veracyte (NASDAQ:VCYT) traded down 1.84% during mid-day trading on Tuesday, hitting $7.45. The company had a trading volume of 135,267 shares. Veracyte has a one year low of $4.21 and a one year high of $8.19. The company’s 50 day moving average price is $6.96 and its 200-day moving average price is $5.68. The company’s market cap is $207.59 million.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.33) by $0.07. The business had revenue of $14.68 million for the quarter, compared to the consensus estimate of $14.80 million. Veracyte had a negative net margin of 70.10% and a negative return on equity of 82.26%. The firm’s revenue was up 23.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.35) EPS. Equities research analysts anticipate that Veracyte will post ($1.47) EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of VCYT. 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 worth $111,000 after buying an additional 7,860 shares during the last quarter. Royce & Associates LP bought a new position in shares of Veracyte during the second quarter worth about $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 worth $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 worth $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 worth $231,000 after buying an additional 3,955 shares during the last quarter. Institutional investors and hedge funds own 55.10% of the company’s stock.
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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