Leerink Swann Reiterates “Outperform” Rating for Veracyte Inc. (VCYT)
Veracyte Inc. (NASDAQ:VCYT)‘s stock had its “outperform” rating restated by analysts at Leerink Swann in a research note issued on Monday. They presently have a $12.00 target price on the stock. Leerink Swann’s price target points to a potential upside of 65.52% from the company’s current price.
A number of other brokerages have also weighed in on VCYT. Zacks Investment Research upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 27th. William Blair reiterated an “outperform” rating on shares of Veracyte in a research note on Tuesday, October 18th. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the company a “buy” rating in a research note on Thursday, September 8th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and set a $10.00 target price (down from $12.00) on shares of Veracyte in a research note on Thursday, August 4th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $10.55.
Shares of Veracyte (NASDAQ:VCYT) opened at 7.25 on Monday. The stock’s market cap is $202.64 million. The firm’s 50-day moving average price is $7.43 and its 200-day moving average price is $5.95. Veracyte has a 52-week low of $4.21 and a 52-week high of $8.45.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Thursday, November 3rd. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.16. The business earned $18.60 million during the quarter, compared to analyst estimates of $15.76 million. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. The company’s quarterly revenue was up 50.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.32) EPS. Equities analysts predict that Veracyte will post ($1.25) EPS for the current year.
Large investors have recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of Veracyte by 1.1% in the third quarter. Rhumbline Advisers now owns 13,143 shares of the company’s stock worth $100,000 after buying an additional 140 shares during the last quarter. Strs Ohio increased its stake in shares of Veracyte by 638.5% in the third quarter. Strs Ohio now owns 14,031 shares of the company’s stock worth $106,000 after buying an additional 12,131 shares during the last quarter. Kopp Investment Advisors LLC increased its stake 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 acquired a new stake in shares of Veracyte during the second quarter worth about $136,000. Finally, California State Teachers Retirement System increased its stake 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. 55.21% of the stock is owned by hedge funds and other institutional investors.
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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