Veracyte, Inc. (VCYT) Stock Rating Reaffirmed by Piper Jaffray Companies
Veracyte, Inc. (NASDAQ:VCYT)‘s stock had its “buy” rating reiterated by stock analysts at Piper Jaffray Companies in a note issued to investors on Tuesday.
Other equities analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Janney Montgomery Scott reiterated a “buy” rating and set a $15.00 target price on shares of Veracyte in a research note on Wednesday, June 28th. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the stock a “buy” rating in a research note on Thursday, May 18th. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research note on Friday, August 4th. Finally, BTIG Research reiterated a “buy” rating and set a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. One research analyst has rated the stock with a hold rating and seven 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.
Veracyte (NASDAQ VCYT) traded down 0.85% during mid-day trading on Tuesday, hitting $8.20. The stock had a trading volume of 50,747 shares. The firm has a 50-day moving average of $8.12 and a 200-day moving average of $8.28. The stock’s market cap is $277.92 million. Veracyte has a 52-week low of $5.82 and a 52-week high of $9.71.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. The firm 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 company’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. On average, analysts forecast that Veracyte will post ($0.92) EPS for the current fiscal year.
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In other Veracyte news, Director Evan/ Fa Jones sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $7.92, for a total value of $158,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 82,500 shares of company stock valued at $649,325 in the last 90 days. 13.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cannell Capital LLC boosted its stake in Veracyte by 48.4% in the first quarter. Cannell Capital LLC now owns 1,601,960 shares of the biotechnology company’s stock valued at $14,706,000 after acquiring an additional 522,373 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Veracyte by 8.1% in the second quarter. Vanguard Group Inc. now owns 892,378 shares of the biotechnology company’s stock valued at $7,434,000 after buying an additional 66,518 shares during the last quarter. Stonepine Capital Management LLC raised its holdings in shares of Veracyte by 49.5% in the second quarter. Stonepine Capital Management LLC now owns 864,695 shares of the biotechnology company’s stock valued at $7,203,000 after buying an additional 286,495 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of Veracyte by 4.7% in the second quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock valued at $6,285,000 after buying an additional 33,682 shares during the last quarter. Finally, Cortina Asset Management LLC purchased a new stake in shares of Veracyte in the first quarter valued at about $4,640,000. Institutional investors 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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