BTIG Research Reiterates “Buy” Rating for Veracyte, Inc. (VCYT)
Veracyte, Inc. (NASDAQ:VCYT)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a research note issued to investors on Thursday. They presently have a $13.00 price objective on the biotechnology company’s stock. BTIG Research’s target price indicates a potential upside of 62.91% from the stock’s previous close.
Several other research firms also recently commented on VCYT. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the stock a “buy” rating in a research report on Thursday, May 18th. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research report on Friday, August 4th. Janney Montgomery Scott reissued a “buy” rating and set a $15.00 target price on shares of Veracyte in a research report on Wednesday, June 28th. Finally, BidaskClub raised shares of Veracyte from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $12.45.
Shares of Veracyte (NASDAQ:VCYT) opened at 7.98 on Thursday. Veracyte has a 52-week low of $5.29 and a 52-week high of $9.71. The firm’s market cap is $270.47 million. The company’s 50-day moving average price is $8.07 and its 200-day moving average price is $8.24.
Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.03. The company had revenue of $18.40 million during the quarter, compared to the consensus estimate of $18.32 million. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.40) earnings per share. Equities analysts expect that Veracyte will post ($0.93) earnings per share for the current fiscal year.
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In related news, Director Evan/ Fa Jones sold 22,500 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $7.81, for a total transaction of $175,725.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 82,500 shares of company stock worth $649,325. 13.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Veracyte during the second quarter valued at $103,000. Nationwide Fund Advisors boosted its position in Veracyte by 31.9% in the first quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 2,739 shares during the period. Eagle Global Advisors LLC purchased a new position in Veracyte during the first quarter valued at $119,000. William Marsh Rice University purchased a new position in Veracyte during the first quarter valued at $127,000. Finally, Bank of Montreal Can purchased a new position in Veracyte during the first quarter valued at $138,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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