Veracyte Inc. (VCYT) Receives Buy Rating from Leerink Swann
“We reiterate our OP rating and maintain our PT of $12. Commercial Payers Still Key to Driving Adoption Ramp and Sales Longer-term. VCYT has successfully driven the Afirma adoption ramp by gaining multi-year commercial payer contracts on the back of solid clinical evidence — as 80% of Afirma volumes still comes from private payers. Afirma currently has 185M lives covered and $155M contracted with 25M of those lives in Blue Cross Blue Shield. Beyond that, for Afirma GEC, VCYT’s key priorities include securing a positive coverage decision for the largest Blues payer: Anthem (ANTM, OP) with its 40M covered lives, and converting other Blues payers to in-network contracts. Medicare accounts for only 20% of Afirma test samples and thus the eliminated impact was only ~$1.6M. Plus, with the new data that was released at the ATA meeting recently highlighting 70%-80% of specificity of the enhanced Afirma test, we believe VCYT should be able to get Anthem as well.”,” the firm’s analyst commented.
A number of other equities analysts also recently issued reports on VCYT. Zacks Investment Research raised shares of Veracyte from a hold rating to a strong-buy rating and set a $7.75 price objective on the stock in a report on Wednesday, November 9th. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the stock a buy rating in a report on Sunday, November 6th. William Blair reaffirmed an outperform rating on shares of Veracyte in a report on Tuesday, October 18th. Finally, Piper Jaffray Cos. reaffirmed an overweight rating and set a $10.00 price objective (down from $12.00) on shares of Veracyte in a report on Thursday, August 4th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Veracyte has an average rating of Buy and a consensus target price of $10.55.
Veracyte (NASDAQ:VCYT) traded up 0.80% during trading on Tuesday, reaching $7.58. 51,832 shares of the company were exchanged. The stock’s market capitalization is $211.86 million. The firm’s 50 day moving average price is $7.44 and its 200-day moving average price is $6.03. Veracyte has a one year low of $4.21 and a one year high of $8.45.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.16. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. The business earned $18.60 million during the quarter, compared to the consensus estimate of $15.76 million. During the same quarter last year, the firm posted ($0.32) EPS. Veracyte’s revenue was up 50.7% compared to the same quarter last year. On average, equities research analysts predict that Veracyte will post ($1.25) earnings per share for the current year.
A number of large investors have recently made changes to their positions in the stock. Kopp Investment Advisors LLC boosted 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 in the last quarter. Bank of New York Mellon Corp boosted its stake 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 in the last quarter. Royce & Associates LP purchased a new stake in shares of Veracyte during the second quarter worth about $136,000. California State Teachers Retirement System boosted 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 in the last quarter. Finally, BlackRock Investment Management LLC boosted its stake in shares of Veracyte by 5.9% in the third quarter. BlackRock Investment Management LLC now owns 50,259 shares of the company’s stock worth $382,000 after buying an additional 2,806 shares in the last quarter. Institutional investors and hedge funds own 47.49% of the company’s stock.
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About Veracyte 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.
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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